this post was submitted on 02 May 2025
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What's the argument here? BCH is going to have a feature to enable minting a token on BCH with privacy comparable to Monero in a few years?
Why should anyone switch to this token instead of using Monero? Wouldn't it take like an onchain TX to switch BCH into this token? Why would I do that if I can already swap into XMR for a negligible fee today?
And even if it had an equivalent level of privacy, BCH still has no tail emission and no ASIC resistance.
Also today Monero rivals Bitcoins usage and not BCH.
So yeah, bold claim, but not much more it seems.
You will be able to buy BCH on any exchange in the world then mint a privacy token with no fees and use your BCH privately. Then burn the token and get your BCH back.
What this does is give you the best of all worlds. Access to massive liquidity as well as real privacy. It also allows you to participate in DeFi which you cannot do with Monero.
ASIC mining is a massive industry and keep Bitcoin extremely secure. Monero can be easily attacked with with1/2 of a large data center's computing power.
BCH does not need a tail emission because it will have millions of transactions per day sustaining the network because it will have all the features that everyone wants and needs.
oh is it basically opt-in privacy then, like with zcash? where if you opt in to privacy you immediately become suspicious
No, it is privacy by default. You lock your BCH and mint the privacy token then all your activities are private from that point.
This is the same as taking your fiat or another coin and buying Monero, after which your activities are private. So the same suspicion exists when you go from a non-private asset to a private one.
aaand since using the privacy token is optional, from the point I'm making qnd using it I'm suspicious.
it is only private by default if you wouldn't need to convert/wrap/whatever BCH itself. those doing the conversion will stick out
maybe I misunderstood something, but it sounded like you need to unlock the BCH to sendbit to someone. is that wrong?
Well it is a bit too early to know exactly how it would work in detail.
The gist is that you could buy BCH then lock it in a contract and mint the private token then use that in a private fashion. So if you spend it with someone then you would lose control over the BCH you locked up and that person who now holds the private token can unlock the BCH and burn the token or just keep the token.