Cryptocurrency Loses Its Essence Without Privacy

The absence of privacy renders cryptocurrency meaningless. Financial independence, social change, and intellectual freedom all rely on the unhindered exchange of value, which in turn depends on privacy. As Zcash engineers and researchers, we have dedicated years to developing confidential financial tools that will underpin the future of society. It is crucial that we establish a solid foundation today, as our decisions will impact future generations. Zcash pioneered the use of zero-knowledge proofs to provide robust privacy. However, solving the privacy issue was only the beginning; we had to enhance our cryptography to make it practical for use on mobile devices and invest in scaling research. Today, our innovations are integral to numerous decentralized protocols. While the path to scaling private on-chain payments is clear, the challenge of scaling private wallets remains unresolved. Most cryptocurrency users rely on wallet software that depends on remote servers, compromising their privacy. To create a private and convenient monetary system, we need a user experience that rivals those without privacy. Project Tachyon offers a solution by utilizing advanced cryptography, enabling remote servers to assist local wallet software without revealing sensitive information. This approach allows Zcash's wallet software to synchronize with a busy blockchain while maintaining user privacy. Although the required cryptography is complex, Zcash has a proven track record of implementing such advanced technologies. With Project Tachyon, we aim to make significant progress in deploying the necessary changes over the next year, and the Zcash community's enthusiasm and alignment are crucial to making this vision a reality.