This is amazing ! Shielded BCH can now be enabled on BCH direct on-chain and get coins invisible to trace. This is incredible and man this is the future of privacy on Bitcoin Cash. I can just say "we are coming for you Monero. And we are coming for you ZEC". https://chipnet.chaingraph.cash/address/qr4p0sja7xa9stdcejwg3zu49qjehy952gwaws2zsk BCH is just amazing🔥
Sounds interesting, but I have no idea what it means. How are they hidden? It also seems that it's only on ChipNet, not on mainnet (current Bitcoin Cash chain)
You are absolutely right. Still on chip net as experimentation but proved to work. This is the next step to implement zk-rollups on BCH. Meaning BCH have capabilities to have privacy as the same as ZEC with all the features that has today. When that happens in near future will need that users deposit BCH on a shielded pool so that the ones pretending to use privacy on-chain can use the pool to mask them leaving no trace on-chain. But need more and more experiment to flag all the bugs and deploy on mainnet.
This raises an interesting question for me: once something like this reaches mainnet, how do you see the balance between privacy, scalability and ease of use? The technology is fascinating, but getting people to actually use shielded BCH at scale seems like the next big challenge.
Also I'm a bit worried that this might get BCH delisted like Monero on many exchanges
I can understand that concern. Privacy is a huge advantage, but it could also create headaches with exchanges and regulations. I guess the interesting part will be whether BCH can offer strong privacy while still keeping regular transparent transactions available. That balance could be really important for adoption.
Don't worry at all! BCH is a coin that by default is a transparent one different from Money that is private by default. BCH will have one more technology behind the coin that is voluntary to use and choose to join a shielded pool. People will continue to use BCH the same that are doing today but for the ones valuing privacy they will have the option to shield their coins on-chain. Privacy is already enabled on-chain by using cashfusion and this tech will just put a shielded pool on-chain. Exchanges will keep listing BCH the same as it is without worrying about the private part it will have but users will enjoy the coin with a new privacy feature like ZK rollouts😎
That is a nice question thou! But for me it will be the perfect opportunity for people who actually use cashfusion to shine. BCH will keep being the same coin ease to use but with a shielded pool that gives people a better way to use their privacy. Unlike ZEC and Monero who actually are privacy coins but default, BCH will continue to be cash for the people, ease to use, cheap to move money, fast to confirm and with a very amazing technology behind. It will be challenging for the ones who are not familiar with cashfusion but for the ones who actually use it, which are many, a relief as they won't need to use cashfusion but shielded pools direct on-chain. It will will be interesting to follow😎