When conducting a cryptocurrency transaction, do you weigh privacy with the same regard as security? Everyone involved with Renos sure does. We believe privacy is a valid extension of one’s personal security, and also a key aspect towards securing the decentralized nature of projects like Renos.
Many crypto based projects have struggled with true privacy. Bitcoin users have long since made use of centralized, third-party coin mixers, achieving less than optimal results. Technology such as zkSNARKs and Ring Signatures provide more effective privacy, but leave their respective crypto projects unable to account for the possibility of an exploit where bad actors may counterfeit the coin supply.
Of course, there are other approaches to privacy that come with a myriad of additional challenges. But for the sake of brevity, know that Renos insists on offering superior privacy, while leaving our coin supply auditable. It’s truly the best of both worlds.
Sure, private, digital transactions have long been a challenge to figure out, but thankfully researchers behind the Zerocoin Protocol have provided cryptocurrencies with a brilliant means to ensure transaction privacy and user anonymity. This is why we have begun the process of implementing a Zero-Knowledge-Proof based privacy upgrade that will soon incorporate the Zerocoin Protocol. See, we want to ensure that every RNS transaction can be optionally private, giving you control over determining who views your transactions.
Our use of Zerocoin comes after much thought on privacy issues. We don’t want to JUST give you some privacy, we want to harness the absolute best options available at this very moment in time. We believe integrating the Zerocoin Protocol is the best way to achieve this goal.
The Inner Workings of the Zerocoin Protocol
The Zerocoin Renos tokens will be known as zRNS, their title originating from the combination of the monetary unit behind Renos (RNS), and the “z” from Zerocoin. Users will have the option to store their funds in either RNS or zRNS, although it is also possible to store a combination of the two. Standard RNS within the Renos Core wallet can be converted either automatically or manually to zRNS. It will only be possible to spend in RNS, so zRNS will have to be converted to RNS to become spendable.
Minting zRNS involves initially burning up the same number of RNS, therefore making the original coins unspendable. zRNS coins can remain in this state of privacy for as long as the user wishes. Spending zRNS necessitates burning those coins and then minting spendable RNS with no previous transaction history.
This process of burning up and generating new coins provides both unparalleled anonymity and a fully auditable coin supply. All links between the burnt coins and the newly generated coins become broken. The amount of RNS and zRNS are always verifiable, but the owners’ identities are not. This combination is precisely why we believe Zerocoin to be the best privacy technology for our project.
When is Zerocoin Coming to Renos?
Perhaps the biggest question you may have is when this innovative upgrade will happen. As we prepare this article, every available team developer is working to integrate Zerocoin privacy. Sure, an enhancement of this magnitude takes time but our team is on it. We are hopeful to have a late summer release of this technology.
We want to make sure everything is covered at Renos. Your security, privacy, and voice being heard are all very important to our team. Please be sure to follow us on Discord, where we drop all of our development updates so our community is first to know of the changes ahead. If you’re not there already, feel free to join us @ https://discord.gg/Ffd6fwx
For future updates, please follow us on Steemit @renoscoin