not sure anyone read the thing beyond the title tl;dr - if you somehow solved the laundry list of fundamental issues, then even after that you would still be roughly 7 years behind zcash it's a synthetic ledger with significant tradeoffs, some of which are fundamental (can't be mitigated), and others requiring many, many years of work + new research to be published and scrutinized (assuming it can even work) the Bitcoin L1 does not validate the private state, prevent double-spends, or reconcile the balances, that's enforced by some offchain protocol -- so, saying L1 transfers is not entirely honest it also has: - a trusted setup - no fee anonymization (much worse than it sounds) - no in-protocol mechanism for getting actual BTC in or out (which means you are holding synthetics) - no real consideration for scale - several offchain parts that can't be run locally which means tracing and linkage and censorship - vulnerability to quantum without a plan - no working implementation for witness encryption where the last used scheme was broken (!) and depends on 330 TB ciphertext. that's terabytes btw (though they claim advancements here so let's see) it only somewhat can work if: i) you somehow acquire the private synthetic BTC inside their ledger to begin with (you cant) ii) every counterparty recognizes the same offchain metaprotocol iii) some trust minimized mechanism connects the synthetic balances back to actual BTC iv) several other advancements are made to the scale, quantum, and foundational cryptography considerations, which is experimental and would require many years to establish (if at all) point iii) specifically means that this is not fungible for the underlying I respect that people are working on this and taking notes from zcash finally. but the claims on this app vs. what's established are light years apart