On-chain privacy is key to the wider mass adoption of crypto

cointelegraph.com:

Innovations in the crypto space appear daily. Whether through decentralized applications or new ways to implement and use nonfungible tokens (NFTs) within decentralized finance, blockchain technology is innovating at the speed of light. The only thing missing? Widespread adoption. One thing holding this back is the very public nature of the blockchain. DeFi, as it operates now, lacks meaningful privacy. In order to catalyze broad adoption for businesses, governments and individuals, those executing blockchain transactions should expect regular, consistent privacy.

First, we need to define what privacy means. It does not mean pseudonymity, which cryptocurrency purports to have now. Meaningful privacy means that a personal financial account will not be traced and an individual’s wealth will not be exposed. It means a business can protect trade secrets. Privacy means a government’s finances are the business of its people — not the business of dangerous neighbors.

Related: In crypto, no one cares who you are: Here’s why that’s a good thing

Cryptocurrency is just that — a currency. With the Canadian trucker convoy and the Russian war on Ukraine bringing about a crypto vibe shift, it will continue to be treated as a currency regardless of whether it is regulated as one. It is a financial asset, and our current understanding of personal financial privacy supports the move toward privacy across DeFi. The European Union has adopted the General Data Protection Regulation, to which every internet entity operating within the EU is beholden. On a more traditional level, fiat banks have multiple privacy protocols, many of which are subject to human error. Privacy is natural, and often unvalued until it is removed.

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