Hudson Jameson expressed: I believe zkAssets are essential to the future of Zcash. However, there are two things needed for Zcash to succeed. First, ideally, strap an EVM to Zcash and have anonymous contracts and programmability, but that is very complicated to do.
Zcash has a lot of potential to change the world and be a widely used tool. To do so, it needs to do two things: 1—transition to proof-of-stake 2. Add programmability. Zcash needs to lessen environmental damage and enact programmability to increase adoption.
Because Zcash is a UTXO blockchain and not an account-based blockchain, what you can accomplish with “programmability” in Zcash is more limited than Ethereum. ZkAssets are a big step in the right direction, though.
ZkAssets would allow for things like private DeFi interactions and private identity use cases. Zcash was created to allow for economic freedom, but economic freedom is broader than just transferring and storing value. Zcash community can come together for this change.
ZkAssets are UDAs/ZSAs. User-Defined Assets (UDAs) makes it possible for ZCash to offer stable private coins. Thus, several new developers can build User Defined Assets on zcash and become engaged. For example, offering privacy wrapped ERC20s.
As more developers and users enter the ecosystem impressed by privacy, a question keeps coming up about UDAs, and it is about how to charge fees for UDAs? “The basic answer being just like we do for shielded ZEC, you pay a public ZEC denominated fee per transaction.” ZCash have effectively fixed fees for shielded transactions.
ZSAs are Zcash-Shielded Assets, which could include Zcash-Shielded Bitcoin, Zcash-Shielded USDC, and Zcash-Shielded Ethereum. This also includes Zcash-Shielded NFTs, DAOs, and other novel use cases. Like with any major Zcash network upgrade, software, and protocol security assessments should be completed.
On August, Tuesday 3rd @2:30pm UTC / 5:30 pm Israel Time / 10:30 am EST / 7:30 am Pacific Time, Discussions about, “How should the Zcash ecosystem move towards generic zkAssets (UDAs/ZSAs)?” will bring out more ideas and concepts to the table.
The discussion will revolve around: Technical Applications: What are UDAs, and what is the extent of their applications? What are the main technical challenges in adopting UDAs in Zcash? How could UDAs be implemented in Zcash Orchard Protocol? What applications could be built with the UDAs feature (e.g., stable coins)? Specifically, could it be used for a Central Bank Digital Currency (CBDC) where some auditability properties may be needed?
Economics and Usability: What are the economic (dis)advantages for allowing UDAs on Zcash? How can they be overcome? What are the current economic incentives in Zcash, and how would this change after adding UDAs functionality? What are important design and usability considerations (UX, product, incentives) needed to increase adoption? How can we ensure as a community that UDAs will have a positive impact on the zcash ecosystem and in general?
Those who are interested might want to follow the event or keep a tab on the recorded versions and follow up the news in this regard.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
Get the latest Crypto & Blockchain News in your inbox.
