My apologies for the lack of ECP updates lately! I've had a lot of changes in my personal life, so I've had even less free time for side projects/hobbies than ever. I am now attempting to make up for this a bit with some exciting new developments and cool new proof posts
Last year I worked very hard to find the best way for me to contribute to the evolution and adoption of Bitcoin
. Sometime in spring I discovered an "altcoin" (alternative cryptocurrency) project called Darkcoin. The idea being to strengthen the only area of significant weakness in the Bitcoin protocol, privacy. Bitcoin is often touted as being anonymous digital cash, but how much privacy it actually provides depends on the intelligence and resources of the user, and it's often unrealistic to expect strong privacy without relying on trusting 3rd parties (mixing services), which goes against the trustless decentralized (P2P) nature of the currency.
In order for Bitcoin to remain essentially frictionless, strong privacy built into the base protocol is very important. Individuals and businesses should not have to be experts or rely on centralized entities to have strong/proper financial privacy when using digital cash. Bitcoin's lack of proper fungibility (all currency units must remain equal) has always been a concern, but it was unclear how to best address the privacy issues of a distributed immutable public ledger, or how soon sophisticated analytical tools would be developed that could threaten some of the value proposition of the currency.
Anyway, long story short, I did a lot of research and contemplation on potential privacy solutions for digital cash; I eventually decided to get involved in the Darkcoin project, recently rebranded to Dash
, which better reflects the innovation and growth potential of the Bitcoin protocol with an added decentralized services layer. This services layer is already providing trustless decentralized mixing with increasingly strong privacy, as well as support for near-instant trustless transactions (InstantX).
Needless to say, I'm very excited to be involved with such an incredible attempt to strengthen the Bitcoin protocol fundamentals. We're now well on our way to proper sound digital cash, with plenty of room for growth on the services layer!
I will try to get to updating this post with some additional info and links this week, so please do check back if you're interested. Just wanted to get something posted today.