this post was submitted on 12 Nov 2024
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Privacy
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I'm glad they mentioned Monero in the article, but sad that they mentioned it alongside Zcash since Zcash is not private by default and not many people opt into the privacy and Zcash has shown willingness to be bad to their users by helping exchanges. Primarily because they are run by the Electric Coin Company, which is registered in the United States, and therefore they have to obey the laws of the United States. So, Zcash is not a good option.
I also have not seen Zcash accepted as payment nowhere nearly as frequently as Monero.
Same
Shielded addresses & transactions are private using zero-knowledge proofs like Monero. You can also have transparent addresses & transactions like how Bitcoin operates on Zcash as well which is true. But there isn’t a default, some wallets autoshield by default making your comment misinformation.
Some wallets shielding their transactions by default is still not nearly as strong as everything being shielded by default at the protocol level, but they couldn't have that because then they would not be on exchanges.
It does add a level of convenience for the type of transaction you might want to actually be tracked all being on the same currency. Most don’t even offer the option. Zcash can do the thing—it’s just not the only way.
Monero has view keys for exactly this reason, so that if you need to make a transaction public for like an audit or something, you can do so. But on the protocol level, absolutely everything is always private.
That’s good too. Not a Monero hater or a Zcash fanboy—I just think we need to be honest about the capabilities even if the methods of getting there are different.