How do we know how secure the blockchain is?


#1

Hello.

I have a question if anyone can answer it. How do we know the SmartCash is secure? That is, I know it has Zero-Knowledge proofs but how can we be sure that noone can create SmartCash after it has been launched? (e.g Create SmartCash secretly then use the Zero knowledge proof to disguise their entry into the blockchain ).

I’d like to trust this blockchain and I hope it does well. It sounds like a good idea - I just hope it’s built on strong foundations.


#2

SmartCash has all of its transactions visible on the blockchain. It is easy to audit if there are new Reclaim transactions that shouldn’t be in the blockchain by looking at the total coins produced vs the number of blocks.

To prove it. Look at explorer.smartcash.cc
Coin Supply 344870700.1600006 / Block 68984 = 4999.285.

Each block is 5000. The fees reduce the coins in circulation so we should expect a little less than 5000 coins.


#3

Ok, so you are saying we can audit to see the total number of coins, even if the Reclaim transactions have been used to mix the coins in some manner. I think this is good because the Reclaim option gives us anonymity but also let’s us transparently see the total number of coins in the blockchain. Thank you for your response.


#4

Such a strange question you’ve asked. I don’t think that it’s a bad thing (considering all the scams like octacoins etc, let’s not take them). Such things as blockchain are as solid as the trading. Some platforms even combine them (like InstaForex does) and it’s awesome, I think.