The blind sigs approach required denominations to avoid distinguishing amounts and the more denominations available the smaller the anonymity set is. Also very large value tx tend to stand out as they may have an anon set of eg 1 for any given time period if wallet is not careful. Also denoms usually required many DBC reissues to achieve a desired payment amount. So while the blind sig reissues are individually smaller and faster than a ringct reissue, they would be larger/slower in aggregate to affect a typical value transfer. (ie not enough smaller/faster). As DavidR said though, the straw that broke the camel’s back is that we could not find a solid solution for auditing the money supply (at any point in time) to prove no inflation has ever occurred.
No that was 100% the brainchild and hard work of @davidrusu. Once he had all the tricky things working with bls cryptography (bulletproofs, ringct) I just took them and integrated into the sn_dbc crate.
yeah, it’s pretty neat/novel. especially the infinite divisibility and nearness limits. I think there is room for an experimental crypto to try out that kind of system yet. But at the end of the day, people just want to transfer value (privately) right? So how it is accomplished technically “under the hood” shouldn’t matter to the regular user.
here “faulty mint” could mean a rogue section that has somehow been taken over by an attacker. In theory it shouldn’t ever happen, but we wanted to be able to say with certainty that it had never happened, and for users to be able to verify this for themselves by examining all historic spentbook tx.