Zcash is up 1353.0% in the last year according to Coingecko. Crypto X has talked about it so much in the past couple months that projects like Litecoin have had to cling onto the privacy narrative to promote itself, given its supposed private quantities.
That said, some people now believe that Zcash will outperform Bitcoin, since it's private and apparently everything bitcoin was supposed to be.
It's interesting how many projects I've come across that has been referred to as "everything Bitcoin was supposed, and planned by the great Satoshi himself."
Not just interesting, comical too.
I guess people will say anything to be in the spotlight or join the conversation.
But this isn't a bitcoin supremacy post, I don't particularly care what people think is better than Bitcoin, or what they dream of to be the next best performing asset the world has ever seen, there are things far more important, and that's tech for every day use.
Bitcoin is not that in its current form, so the search continues.
A private stablecoin
I've seen people suggest that it's not enough that we have a crypto token whose transactions are private, that we need an entire blockchain to be privacy-preserving across all on-chain operations.
I thought about for a minute, and I concluded that it is interesting to say the least, but I'm not personally sure how complex it would be to build that.
I'm not sure what the benefits of private smart contracts executions would be, because I imagine that that's all else besides private token transactions.
Notwithstanding, what came to mind, that I think could be worth pursuing is a private stablecoin.
For a while now, I've held the opinion that for blockchain networks to achieve stability and grow effectively, they will individually need a stablecoin.
Now that there's been lots of discussions on privacy, a private stablecoin might be something of great importance.
When the focus is on every day use, we are looking at every day people that earn, spend and sometimes save, and these are people that don't need to be holding volatile assets.
So if we have to sell privacy to them, it should be in form of a currency that is stable. I imagined a lot of use cases, risks and benefits and one thing stood out, which was that technically, a private stablecoin could be more difficult to attack and exploit and completely running on faith of its users, a rather important piece of any strong economy, the faith and trust the people have in the system.
Except of course, this time, that faith and trust will be grounded in on-chain proofs. It might not occur to builders yet, but a private stablecoin could be a market with significant prospect, waiting to be captured.
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