EPIC Cash, Use Case Money At Its Best

Why EPIC cash only focuses on the use case money.

Everyone knows the advantage of cash. It is the anonymity in the exchange of money that is achieved through direct contact between two people, without a third party being able to monitor or control it. 

It is immediately obvious to everyone that this advantage of the anonymity of cash is inextricably linked to direct contact between two people without a middleman. Handing over cash in person requires neither an account number nor identification. It’s truly ‘hard money’ you can’t screw with!

Most conventional cryptocurrencies work like bank transfers. The sender specifies the recipient's wallet address in the transaction, which is sent to the blockchain, and the amount is credited to the recipient.

If a similar level of anonymity is to be achieved as with exchange of cash, complex encryption and obfuscation procedures must be used, which are always associated with increased computing effort, increased storage requirements and reduced scalability.

In contrast, EPIC Cash works like cash, namely without wallet addresses, which therefore requires direct contact between sender and recipient, albeit only electronically. 

What is considered unavoidable with the anonymous use of cash is labeled a disadvantage with Mimblewimble by the majority of the crypto scene, while in reality it is a great advantage when it comes to privacy.

As with cash, this direct, ‘cumbersome and old-fashioned’ process of direct contact has the invaluable advantage that no outsider can establish a connection between sender and recipient as long as no IP addresses are identifiable, which can be prevented with VPN, Tor or Dandelion++.

The possibility often cited in sensationalist articles that it is very easy to create a transaction graph for MW transactions with a sniffer node and thus undermine anonymity is factually incorrect, but persists and is spread again and again at regular intervals.

It simply ignores the fact that a MW transaction graph cannot be compared with the transaction graph of a conventional blockchain, such as Monero. There, a transaction graph could be used to assign transactions to the corresponding wallet addresses and thus to the persons involved, but this is not the case with MW. 

What is visible in an MW transaction graph are so-called commitments, which must not be confused with wallet addresses. It is only possible to assign these commitments to persons if the IP addresses are recorded at the same time, which then allow tracing back to the persons.

An explanation of how a Mimblewimble transaction works and what a commitment consists of can be found here.

The additional obfuscation of the transaction graph, which is essential for conventional privacy cryptos like Monero, is more of a selling argument for MW-based blockchains than an actual additional benefit for anonymity. As long as you do not disclose your IP address by using VPN, Tor etc., additional obfuscation is not necessary at all, but only leads to the blockchain becoming bloated.

If IP addresses are not disclosed during transactions (use of VPN, TOR, etc.), EPIC Cash with MW offers significantly better anonymity than other private cryptocurrencies, where the sensitive data of the sender and recipient wallet is stored in some encrypted form on the blockchain forever. 

This is because a later decryption of this data using future quantum computers not only cannot be ruled out, but must even be assumed. A pure MW blockchain like EPIC Cash with its seemingly antiquated "handshake" between sender and recipient, as in a person-to-person cash transfer, is protected against this type of future deanonymization.

In contrast to other private cryptocurrencies, EPIC Cash focuses on the sole use case money, which offers another invaluable advantage. Firstly, the blockchain remains lean and is not bloated with unnecessary data, which makes the reinstallation of an EPIC node much faster, and secondly, the possibility of unrecognized bugs in the code is reduced. 

Any additional applications such as smart contracts, support for private stablecoins, NFTs, AMMs (Automated Market Makers) or the creation of direct payment channels between wallets, similar to the Bitcoin Lightning Network, unnecessarily bloat the blockchain, complicate its handling and provide additional opportunities for previously undetected bugs.

EPIC Cash dispenses with all these options, which are primarily just a sales argument, but have no added value for the majority of users and only confuse them, as they are rarely used. There are specialized blockchains for all the options mentioned above, which are optimized for precisely this purpose and can be used if actually necessary.  

An exception are atomic swaps, which could be an interesting addition to EPIC Cash in the future when it comes to being able to exchange EPIC Cash with other cryptocurrencies simply and easily.

The idea of being able to cover all conceivable possibilities with a single blockchain stems from the illusion of an all-dominant "one world coin". Business-minded founders are happy to comply with this naive wish of users as long as they can take money out of their pockets. In principle, there is nothing wrong with such an approach, as long as it is not fraudulently promised and money is collected for it, but never realized.

For EPIC Cash, the use case money in the best possible form is paramount. It is not only a medium of exchange, a store of value and a unit of account, but also has all the properties of superior money, which are described in the PDF "The Quest For Superior Money".

The interactive PDF with additional explanations can be downloaded here.

Further information at epiccash.com and https://t.me/epicprivatemoney