THELOGICALINDIAN - Unlike abounding admirers of cryptocurrency Edward Snowden has no botheration with the Zcash founders accolade The above CIA employeeturned bigmouth Tweeted his abutment for the anonymityfocused agenda asset beforehand today
For Snowden, the founders’ accolade incentivises and funds the aggregation abaft the aloofness bread to abode issues with the project, such as that articular and patched by them recently. However, added cryptocurrency association associates acicular out that teams alive on bill that abridgement the arguable founders’ accolade were aloof as accomplished at patching issues in their own cipher bases.
Snowden Praises Zcash Founders for Patching Counterfeiting Vulnerability After Years of Existence
Controversial US government secrets discloser Edward Snowden is a fan of the privacy-focused cryptocurrency Zcash. The above CIA agent does not alike apperception the much-debated founders’ accolade included in every Zcash block mined. For abounding in the agenda bill community, this founders’ accolade is adverse to the spirit of cryptocurrency and decentralisation generally.
However, Snowden claims that such a accolade is important to allure the best minds to assignment on the Zcash project. For him, such a constant acquittal of the developers allows them to ascertain issues and application them afore they can be exploited by adept parties.
One such vulnerability was apparent 11 months ago by Zcash developers. In a address acquaint to the Zcash blog today, the blemish in the cipher is declared forth with the adjustment acclimated to application it.
The counterfeiting vulnerability, as the aggregation accredit to it as, was aboriginal apparent on March 1, 2024. The accommodation was fabricated to accumulate the analysis abstruse to abstain the accident of attackers base the blemish in the code. It has back been rectified after Zcash users defective to do annihilation to assure their funds.
According to the blog post:
“The blemish allows an antagonist to actualize affected cloistral amount in any arrangement that depends on ambit which are generated as declared by the paper.”
Zcash developers are assured that no such attacks were fabricated on the arrangement attributable to the composure of the ability appropriate to analyze the blemish in the aboriginal place, forth with the abridgement of a “footprint” highlighting that the vulnerability had been exploited.
For Snowden, the Zcash founders’ reward, which is 20% of anniversary block accolade becoming by the network’s miners, financed the acclamation of the vulnerability:
A lot of bodies admiration why I like #Zcash admitting the Founder's Reward. Here's a reason: that tax funds a affection aggregation that catches and kills austere bugs in-house, afore they get exploited. Some added projects apprentice about bugs like this alone AFTER bodies accept absent money. https://t.co/i9MD1CpeNx
— Edward Snowden (@Snowden) February 5, 2019
In the aloft Tweet, Snowden compares Zcash to altered cryptocurrency projects that do not action such a founders’ reward. He states that added bill accept alone apparent bugs in the cipher afterwards they were exploited, costing the projects’ users money.
However, as associates of the crypto association highlighted, added projects accept been aloof as accomplished at anecdotic vulnerabilities in the cipher after such a founders’ reward. Both Monero and Bitcoin were mentioned as examples of bill that do not await on a centralised accumulation of developers actuality paid out of a distinct purse for their assignment but were still apprenticed to application flaws in cipher as bound as humanly possible. In fact, a contempo Bitcoin blemish took aloof days to adjust afterward its analysis (admittedly by a Bitcoin Cash developer).
Monero has bent austere bugs afore they were exploited and they accept an altruistic association apprenticed allotment mechanism. Centralized money, controlled by a baddest few is alarming https://t.co/BWitsyyI40
— wowario (@w0wari0) February 5, 2019
Interestingly, the column on the Zcash blog highlights how the vulnerability has existed in the cipher for years now. Going off Snowden’s logic, conceivably it would accept been articular and patched alike quicker if the arguable founders’ accolade was alike college than 20%.
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