We held our first Zcoin community meeting in line with our goals to be more inclusive to community concerns and views as part of our path to decentralizing Zcoin.
It was a one hour meeting with plenty of good questions and we covered topics from development, funding, roadmap and adoption efforts. Here’s an executive summary:
Exodus Tokenization Platform
Exodus is approaching completion and set to complete by end of this year or early next year. Exodus will allow anyone to create their own tokens on Zcoin which would have inbuilt Sigma privacy features. ZTM is also being completing which is middleware that makes it easy to launch and manage tokens on the platform.
The first planned token is Satang Pro’s exchange token which will be used to get discounts for trading on the Satang exchange. Additionally, to incentivize the use of Zcoin’s Sigma privacy protocol, users that deposit to Satang Pro using Sigma spends, will get free Satang exchange tokens. Disclosure that Poramin Insom, Zcoin’s founder is the owner and CEO of the Satang Pro exchange, one of two regulated digital asset exchanges in Thailand. This token is planned to be released sometime in January.
There are also other planned updates to use the Exodus platform to allow tokens from other chains to enjoy Zcoin’s privacy features.
Satang App’s integration with Promptpay still has some kinks to work out as it is still dependent on specific bank support and didn’t support certain QR codes. Satang is in talks with banks to have official support to have a smoother experience without requiring an intermediary OTAC step and full QR code support.
Lelantus and Sigma
Aram answered some questions on Sigma cryptographic assumptions. He updated what he was working on together with Tigran Mamikonyan.
The most important is hierarchical one out of many proofs which allows much improved proving times and also improvements in verification time where there is more than one input (which we suspect will be the vast majority of transactions). This is a building block and can be applied to Sigma but will need some modifications to work with Lelantus. Has been submitted for peer review.
We have also been working on how to combine Lelantus with confidential transactions on a base layer just as a research task and exploring trade offs. This will allow hidden values even at the base layer. No decision has been made on whether to implement this.
Security proofs for Zcoin’s recent advancement in improving Lelantus by allowing direct anonymous payments are being worked on. Full security proofs are available for the cryptographic building blocks for Lelantus but the plan is to expand further with proofs for the whole payment system.
A community member also asked what the status of light wallets that support private transactions. Light wallet support is almost here and we’ve been working on modifying Electrum servers to return information from the blockchain on the anonymity set so that light wallets can perform Sigma mints as well. We are working together with Edge wallet to launch a wallet with Sigma transactions on by default. There are some privacy trade offs in that there is a degree of trust on the Electrum servers that they do not log certain data (for e.g. which addresses a particular IP is querying for) which are the risks of using Bitcoin on Electrum as well. However no secret information is given to the Electrum server and there will be official servers and users will be able to pick which Electrum servers they wish to use (or host their own). On the blockchain layer, privacy is still retained just like any other Sigma transaction. These improvements also build the foundation of a light wallet implementation of Lelantus as well.
GUI and Mnemonics
We already have a release of our rich GUI. Work will be put on hold for a bit to focus on core development and perhaps outsource the GUI development when the market improves.
Mnemonics support is already merged and set to be released in the next 13.8.10 release. Both 12 word and 24 word seed phrases are supported. This means that you can also import hardware wallet seeds to restore on the desktop clients.
The Role of Znodes moving forward
As an ASIC-resistant coin, there is an importance of protecting our chain against 51% attacks as GPU hashrates can be rented or switch from other chains. Chain locks on Znodes will provide 51% attacks and of course have instant send support which is set to be launched in Q1 2020.
Poramin elaborated on some very preliminary ideas where some Znodes can be used as an external computation layer for the blockchain for example for smart contract. Our focus now is currently on Lelantus before working on this.
Muggles gave a brief update as to the growth of our country/language specific Telegram communities which is actually outpacing the growth of the main Zcoin Telegram community. However the regular AMAs we’ve had with other partnered projects like with Constant and Hummingbot have boosted numbers as well.
Questions were asked on the state of our funding. While extremely challenging, we have managed to keep all our development work but had to scale back on administration, community and support staff. We have received help from our seed investors as well. In an effort to decentralize development and also open alternative sources of funding for the project we are also launching our Zcoin Crowdfunding System (ZCS) that would allow donations to fund smaller outside tasks. Poramin also brought up while other projects have sold at the top and built some backup funds, the team (and our seed investors) did not want to sell more than what was necessary that would put negative pressure on the market. We are confident that we can continue core development work of Zcoin and Lelantus.
Anwar just reminded everyone to only use official channels like @zcoinsupport in Telegram or the #support channel in Discord to get help. The team will never initiate a direct message with you. Be very careful as many have lost thousands of Zcoin from fake help which did not do our market favors. Also if you did not update on time, we have a handy guide from there and you can always check your Znode status from Allnodes or Privex.
Thanks to everyone who attended and we will be holding more of these!
For those of you who wish to view the full meeting: