Even as the blockchain is in its infancy, some apps are already getting hundreds of thousands of users each month, however as the industry matures, these same apps can likely expect millions or even tens of millions of monthly users from a bank of 4.6 billion internet users.
Along with the increased adoption of blockchain products and technology, comes the need for enhanced security and of course privacy. Privacy is one of the key tenets to the blockchain, and indeed the promise of Web3 is one which takes away control from the behemoth companies who are scraping and using user data freely and practically uncontrolled.
Initially, Bitcoin was created as a means of exchange, and since that time it has evolved and grown into a speculatory tool which serves no real benefit as a medium of currency. Many bankers, regulators and individuals had feared that Bitcoin’s sole purpose would be for the conduct of illicit activities and money laundering. However, since then Bitcoin has led to an entire landscape of networks, products and industries relying on the blockchain.
It is early days for Web3 and yet this is a critical time to open the conversation on privacy and user protection. One group of industry individuals came together at the DeFiCon to discuss How to Stay Private and Anonymous in DeFi, an important conversation to have in an arena which seeks to stay true to Nakomoto’s objectives of privacy and decentralization. Kenny, who took part in the panel discussion is the co-founder of Manta Network.
How Networks Should Be Building in Privacy at Their Core
Manta is a substrate based privacy preservation layer and everything it does is focused towards privacy and decentralization. So much so, in fact that it turned its back on its planned IDO to appease its community members. The project works by obscuring users’ wallet addresses, using zkSNARKs, which is a cryptographic technique that gives two parties the ability to verify information between themselves, without it being shared transparently onto the blocks that build the chains. Thus allowing details of trades, and other financial transactions to be private.
Another major decentralization milestone for Manta came with the rollout of governance measures though its Kusama-based network, Calamari. Manta did this by triggering features for on-chain governance through a runtime upgrade.
When it comes to Web3 it’s important to know that everything you do is permanent, transparent and verifiable. It is with the help of projects like Manta’s that the blockchain space will become more private. Privacy should now be a major conversation taking place among those building the networks and projects as the ecosystem grows and expands to a state of mass adoption.
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2022-01-18 18:07:53
