For these of you missed Qtum’s privateness AMA final week, don’t fear, we’ve received you coated. Patrick Dai, Qtum’s co-founder, and Yi Zheng, Qtum’s lead developer in China & co-creator of the Phantom Protocol, answered the group’s questions on privateness and extra. The Ask Me Something session was centered round Phantom: An Environment friendly Privateness Protocol Utilizing zk-SNARKs Based mostly on Good Contracts. We’ve taken the most effective questions and solutions from the occasion and printed them right here with slight alterations.
Whereas engaged on the Phantom venture, through the use of an improved Merkle tree, the transaction era takes lower than 6 seconds!!! Did you ever assume you could possibly get that low quantity? or did you count on a better one?
Yeah, after all, we did. The Zcash, which additionally use zkSNARKs for transaction privateness, lowered its transaction era time to lower than 10s in the latest improve “Sapling”. So we are able to additionally make it. Even in our case, the computation energy that may be utilized is restricted by contract gasoline price.
How do you see the benefits of the MimbleWimble protocol by way of privateness? Grin and Beam use this infrastructure. What options does QTUM’s privateness infrastructure assist stand out in comparison with MimbleWimble?
Phantom is a layer-1 privateness answer. We’re additionally contemplating a layer-2 answer primarily based on MimbleWimble. You possibly can confer with this paper, https://eprint.iacr.org/2019/1435.pdf, which can be proposed by the Qtum workforce.
MW expertise has like Phantom, has an excellent design. Since we’re implementing privateness on the sensible contract layer, we select zl-SNARK expertise which is extra mature. Additionally, primarily based on Qtum Phantom Protocol, you possibly can launch the privateness token by your self.
How does Phantom make sure that you’ll survive in a very long time with imaginative and prescient and mission and enhance its worth?
I feel the Phantom Protocol is among the first few protocols that may assist privateness for sensible contracts. There are some nameless cash however they don’t assist sensible contracts. Additionally, there are a number of sensible contacts platforms the place you possibly can launch tokens, however they don’t have privateness. So Qtum fills the hole.
If somebody sends zk-QTUM to a different individual’s account, this could end result wouldn’t be recorded on-chain, proper? so.. how do you management irregular conditions that will come up?
The result’s recorded on the blockchain in an encrypted method. You possibly can see the transaction, however the transaction has no public quantity or handle.
Why create 2 varieties of tokens, one public and one hidden? Is it not doable to hold out all of the transactions solely with the hidden token?
Sure, we are able to make all transactions confidential through the use of Phantom. The rationale for 2 tokens is that there are nonetheless many advantages to traceability on the blockchain.
Within the white paper, it says “The proposed protocol offers two sorts of belongings: clear and confidential belongings.” Each of them use ERC-20 . So, what options make it totally different between one another?
Solely the clear belongings are utilizing the ERC-20 commonplace, which is handy for transferring. The confidential belongings are utilizing the Zcash-like zkSNARK-based commonplace.
What components must be thought-about when choosing an applicable hash perform for zk-SNARKs?
The primary one is the computation complexity of the hash perform, which can have an effect on the gasoline price. The second is safety. Some hash capabilities are actually new and haven’t been utilized to the blockchain space on a big scale. The safety of those capabilities might have extra time to confirm.
How will you briefly describe zk-SNARK for anyone who doesn’t find out about that?
You wish to show to your buddy that the cellphone variety of a reasonably woman, however you don’t wish to expose the quantity to your buddy. So that you name that woman, and your buddy sees that the woman’s cellphone is ringing. That efficiently proves the cellphone quantity.
What’s the final purpose of the Phantom protocol?
Its purpose is to assist confidential transactions and belongings on the blockchain. For this venture, lastly, we’ll present a sensible contract template that may assist customers to subject confidential belongings on Qtum
What are Phantom’s rivals on this market? What are your aggressive benefits over tasks with the identical concept?
The competitor is AZTEC, however in contrast with AZTEC, Phantom can conceal the sender and receiver handle on the identical time, additionally the Fuel worth is cheaper than AZTEC.
Why do MINT and BURN operations eat fewer assets than TRANSFER? Additionally, why is the MINT operation carried out in lower than half a second, why is it so quick, even in contrast with the opposite 2 operations within the protocol?
The MINT and BURN operations solely have to take care of 1 UTXO. However switch wants processes 2 UTXOs; a confidential transaction wants comprise at the least two outputs.
Qtum ought to think about that privateness options might make issues corresponding to black cash laundering. When Qtum is used for that intention, Qtum will likely be banned from preexisting methods like MONERO if there aren’t any instruments to forestall that crime. So what’s going to Qtum do to unravel these doable issues associated to privateness options?
Sure, we thought in regards to the implications. There must be some steadiness between 100% privateness and 100% clear. Even for a lot of the regulators, they should monitor the gateway of Fiat/Crypto. Privateness has plenty of robust use instances in the true economic system, for instance, if you wish to launch a nationwide bond, you positively need a privateness token, as a result of you don’t want everybody’s holdings to be clear. So, we are going to give individuals the choice.
Within the unlucky state of affairs of the Covid-19 pandemic, the tourism business was closely affected. Is Phantom’s initiative a terrific answer? What are your plans to show challenges into alternatives for Phantom’s growth?
The Qtum workforce is fairly decentralized. Covid-19 doesn’t have a giant affect on the Qtum venture. However we do hope all Qtum workforce members and all group members Keep Protected!
Will the brand new offline staking implementation have the identical options as PoS 3?
The brand new offline staking could be very totally different from POS 3. Sooner or later, we plan to implement sensible contract primarily based offline staking, the place you possibly can delegate your UTXOs to sensible contracts, and the sensible contract will distribute the rewards.
What number of QTUM do I have to stake? How do block rewards for staking work? Are there grasp nodes?
There are not any grasp nodes in Qtum, Qtum’s PoS protocol is among the most decentralized POS networks. There’s no minimal requirement for staking.
The digital machine of Qtum known as X86 VM, is that this a customized model of the EVM? Additionally, the whitepaper says that QTUM is appropriate with others VM, which of them?
The x86 VM is a totally new VM designed particularly to take advantage of a number of the distinctive options in Qtum, together with the UTXO mannequin the underlying blockchain makes use of, in addition to to incorporate native integration of upcoming privateness applied sciences on Qtum. It’s being constructed on high of a brand new expertise layer known as ‘Neutron’. Neutron is a framework onto which different VMs could be built-in sooner or later to reveal a typical set of options with considerably much less effort. Particularly, there are plans to ultimately implement WASM on high of Neutron as nicely, however WASM tech continues to be too immature in blockchain context to have a set timeline for that integration.
Is there any tendency to burn some tokens of provide sooner or later to stabilize the value?
Proper now, a lot of the Qtum cash are in circulation. Based mostly on the present regulatory setting, most tasks will face plenty of authorized dangers in the event that they purchase again their cash from the market. As a result of for many regulators, in the event that they see you purchase again cash from the market, they are going to be extra seemingly assume the coin as a safety. But when the regulation setting modifications, we are able to think about this.