Cardano Privacy and Stablecoins
During today's AMA with Charles Hoskinson I asked a simple question 56:30 in. Will there ever be an option to make transactions and balances private? The response put me on the edge of my seat.
If you guys want it we could build it, and that is actually something you can talk about as soon as the treasury system is turned on, and we start talking about renewing the road map. The magic of these things is that this goes where you guys want to go as much as it goes where I think we should go.
There has long been speculation that privacy features might be implemented in Cardano due to the way the ledger keeps data, do it had never been really talked about.
When the treasury system goes live I think this will be one of the main issues brought forth. There is an inherit problem with crypto which is one crypto is not the same as the other.
Each coin has a transaction history that can be easily used by even a simpleton to track the owner of the address.
Do to this issues can arise depending on an individuals circumstances.
If I go to the store and spend 30 dollars on goods using paper money no one will know.
Paper money has a lot of faults do its one blessing is that it is truly private.
Obviously there are social procedures that seek to track paper money do it is difficult or at times impossible.
That is what crypto should be something that is impossible to track. Only then will it be true hard digital cash.
Currently Monero is one of the top privacy crypto currencies but the load time for the ledger on the wallet is frustratingly slow for an average person. Monero has not improved the wallets load time at all.
Cardano on the other hand has made their ledger far faster then it was. It is able to load the blockchain within an hour using a 2014 Apple desktop. It takes Monero 3 days or so to load the ledger.
That is very off putting for everyday people.
The Yoroi wallet is even easier to use with no load time for the ledger. This is likely accomplished by using an Emurgo node for Yoroi wallet transactions.
Not just people but corporations want their funds to remain private to have an edge on the competition.
Charles Hoskinson also talked about an academic research team at IOHK tasked with working on a stablecoin.
The team is looking into economic dimensions, regulation and monetary policies. Once all issues are resolved it is likely that the technology will be implemented.
IOHK has never really talked about their stablecoin team till now meaning that they have likely made a breakthrough in their research.