Question taken from: https://bitcointalk.org/index.php?topic=1605144.msg17321751#msg17321751
I was reading this page:
And one of the drawback of Zcash was described as:
"Zcash requires a Trusted Setup. This means that you have to trust that the Zcash system was set up without any backdoors, potential for eavsdropping or monitoring of your transactions, or any other nefarious purposes. As we’ve seen with virtually all large software companies, such as Microsoft, Apple, and even governments, they can’t be trusted. Trusting people you don’t know in those positions makes no sense. Trusting in only math is better.
A Trusted Setup system also means that the Zcash developers could produce more Zcash at any time without anyone knowing, thus inflating the Zcash economy while making themselves rich. If a hacker gained access to the system, he could do the same thing…and nobody would necessarily know."
Will Komodo have these same flaws???
Komodo uses the same zkSNARK parameters as Zcash. We have not generated them, we are using what the Zcash team has created. Genesis Block creation is different than zkSNARK creation.
As of this time we have no reason to doubt that the Zcash team performed its parameter generation without collusion towards the end of “creating money out of thin air”. What people seem to forget is that the Zcash team is a legitimate company and many who are on their team are well-respected professionals. If collusion did happen between the participants of the parameter generating ceremony, the company would be in a hell of a lot of legal trouble not to mention many of the individuals careers would be over. The consequences of being caught combined with the limited amounts of gains from collusion ( only profitable if amount of transparent coins is under the amount of coin supply ) makes the likelihood of the toxic waste having been reassembled very minuscule.
In addition the extensive “ceremony” used in parameter generation makes it very unlikely that an outside party would have compromised them.As to why we do not generate our own parameters and have our own ceremony
We could not accomplish the same degree of security and procedure that the Zcash team had for the ceremony.
Having our own ceremony would do nothing to alleviate the constant FUD surrounding the infintismal likelihood of the “toxic waste” being reassembled, and would in fact just bring in more illegitimate criticisms because we would not have done an extensive ceremony as Zcash did or rumors that the Komodo team was somehow colluding.By using their parameters we rid ourselves of that headache.
Peter Todd was one of the ceremony participants, you can find his blog entry on it here: https://petertodd.org/2016/cypherpunk-desert-bus-zcash-trusted-setup-ceremony
A video describing the zcash ceremony: https://www.youtube.com/watch?v=D6dY-3x3teM