[{"data":1,"prerenderedAt":245},["ShallowReactive",2],{"doc-\u002Fdocs\u002Fpartial-solutions":3,"nephrite-stats-initial":130},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"navTitle":8,"body":10,"_type":124,"_id":125,"_source":126,"_file":127,"_stem":128,"_extension":129},"\u002Fdocs\u002Fpartial-solutions","docs",false,"","Partial solutions","Stablecoins and privacy coins each solve only half of bitcoin's problem.",{"type":11,"children":12,"toc":118},"root",[13,21,42,49,54,89,95,100,106],{"type":14,"tag":15,"props":16,"children":18},"element","h1",{"id":17},"partial-solutions",[19],{"type":20,"value":8},"text",{"type":14,"tag":22,"props":23,"children":24},"p",{},[25,27,33,35,40],{"type":20,"value":26},"Generally, the two issues of bitcoin are solved separately. ",{"type":14,"tag":28,"props":29,"children":30},"strong",{},[31],{"type":20,"value":32},"Stablecoins",{"type":20,"value":34}," address bitcoin's volatility, and ",{"type":14,"tag":28,"props":36,"children":37},{},[38],{"type":20,"value":39},"privacy coins",{"type":20,"value":41}," address its pseudonymity.",{"type":14,"tag":43,"props":44,"children":46},"h2",{"id":45},"what-decentralized-means-for-a-stablecoin",[47],{"type":20,"value":48},"What \"decentralized\" means for a stablecoin",{"type":14,"tag":22,"props":50,"children":51},{},[52],{"type":20,"value":53},"Only decentralized stablecoins are in line with the bitcoin philosophy. Decentralization, in this case, has three components:",{"type":14,"tag":55,"props":56,"children":57},"ul",{},[58,69,79],{"type":14,"tag":59,"props":60,"children":61},"li",{},[62,67],{"type":14,"tag":28,"props":63,"children":64},{},[65],{"type":20,"value":66},"Censorship resistance",{"type":20,"value":68}," — non-excludability. Every network participant has equal rights to issue, transfer and (where applicable) redeem the stablecoin, and no one can ban them from doing so.",{"type":14,"tag":59,"props":70,"children":71},{},[72,77],{"type":14,"tag":28,"props":73,"children":74},{},[75],{"type":20,"value":76},"Non-custodial design",{"type":20,"value":78}," — non-seizability. A private key owner is the only person who controls the respective balance and, where applicable, the collateral that backs it.",{"type":14,"tag":59,"props":80,"children":81},{},[82,87],{"type":14,"tag":28,"props":83,"children":84},{},[85],{"type":20,"value":86},"Governance-less",{"type":20,"value":88}," — non-upgradeability. DAOs are usually considered a way to eliminate a single controlling entity, but if a DAO is controlled by governance-token holders, a single entity can capture it by accumulating the majority of tokens. The only way to make a stablecoin truly decentralized is for its smart contracts to be immutable — non-upgradeable by any entity.",{"type":14,"tag":43,"props":90,"children":92},{"id":91},"how-privacy-coins-fix-pseudonymity",[93],{"type":20,"value":94},"How privacy coins fix pseudonymity",{"type":14,"tag":22,"props":96,"children":97},{},[98],{"type":20,"value":99},"Privacy coins fix bitcoin pseudonymity issues using different techniques: built-in mixers, ring signatures, stealth addresses, and zero-knowledge proofs, to name a few.",{"type":14,"tag":43,"props":101,"children":103},{"id":102},"the-gap",[104],{"type":20,"value":105},"The gap",{"type":14,"tag":22,"props":107,"children":108},{},[109,111,116],{"type":20,"value":110},"To sum up: we have stablecoins that are not confidential and privacy coins that are not stable. A ridiculous situation when you can't have both at once. Why not combine stability and privacy in one cryptocurrency? 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