This article was first published on Stories by Bitcoin Private on Medium
As we are all painfully aware, the Sapling upgrade that is being developed to close the vulnerability announced earlier this year by the Zcash foundation has been stalled for some time. Due to the uniqueness of the BTCP code and its integration with Bitcoin functionality the changes required to implement Sapling are complex and affect many individual code items. As well as closing the vulnerability, Sapling was to provide increased shielded transaction efficiency leading to a lower computing overhead which would allow for faster shielded transactions. Additionally, it would allow decoupling of the wallet and zero knowledge processor allowing for a lightweight client.
Whilst these changes are exciting, they are proving to be challenging to implement with the resources that we have available and our primary focus must be on ensuring that the protocol is robust and not subject to the announced vulnerability. It is also clear that the primary focus of the community is on the ability to trade and increased presence on exchanges. With the vulnerability still present, it would be irresponsible to seek listing at this time and it is unlikely that any ‘good’ exchange would consider this possibility unless the protocol was deemed to be safe.
Privacy is key to BTCP, and, while the Sapling upgrade would allow easier access to privacy features for the masses, the fact remains that shielded transactions are currently available using the full node wallet.
With these factors in mind, the new treasury has been seeking alternative means to ensure that the protocol is secure and that the vulnerability is fixed. This will allow us to progress with additional features and functionality with the knowledge that BTCP is not compromised.
Rather than implementing Sapling, it is possible to close the vulnerability by updating the sprout circuit as has been done by Horizen. This ...
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Stories by Bitcoin Private on Medium