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Jimmy
@zkp
unpopular opinion: zcash is undervalued
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thoughtcrimeboss
@thoughtcrimeboss
What is your reasoning for this unpopular opinion?
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Jimmy
@zkp
an eth L2 privacy pool would need centralized sequencers a btc zk sidechain has worse problems. drivechain unlikely to be implemented zcash moving to pos (less sell pressure), elastic subnet on avalanche, halving coming up, etc. currently just above atl. staying listed on cex privacy in general has been undervalued.
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janusz
@janusz
some push back only privacy L2, aztec, will launch with decentralized sequencers + provers. other sequencers coming to mainnet in 24/25. this point isn't true long term. bridge between zcash and zavax is centralized and economic security will come from an alternative monetary unit. no value accrual to zec.
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Jimmy
@zkp
so aztec, which shut itself down once, is now going to be the first private, decentralized L2? i hope thats true. zavax will be pegged 1:1 with zec, not sure if thats what you mean same trust assumptions as any subnet or L2 basically, caveat being shutting down the bridge doesnt affect zcash, but it would kill an L2
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janusz
@janusz
regardless of aztec, other decentralized sequencer protocols are being built. I work on one. zavax is the native token to secure the validators for the bridge. it's not pegged 1:1 with zec.
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janusz
@janusz
zec can be minted and burned to the subnet via that bridge, which is cool, but it's not used to secure it
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Jimmy
@zkp
i agree sequencers will decentralize over time, and wishing you guys the best at espressosys. my point is that a privacy protocol needs to be decentralized. tc exemplifies this point. also zavax can access all of avalanche compared to being stuck on a single L2 regarding 1:1 peg 👇
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