Is Cryptocurrency World Moving Away From Privacy?

Is Cryptocurrency World Moving Away From Privacy?

In the late 1980s and early 1990s, a passionate team of cryptography experts and libertarians called Cypherpunks established cryptocurrency and blockchain technology to defend privacy, stand up against censorship, and preserve individual freedom in the digital age. Cryptocurrency is indeed an embodiment of their vision, but it has shifted its focus on preserving privacy over recent years—a priority that should remain at its core.

Majority Think Cryptocurrency Data Is Not As Private As Before

Recent research reveals that citizens are becoming more alert to the security of their personal data. In 2021 alone, the Edelman Trust Barometer survey showed that 74% of people believed their information is less secure than it was five years ago, while 66% were worried about privacy compared to 12 months prior. Similarly, PWC’s Global Data Protection Study determined that 72% had increased concerns about company use of data, with 81% willing to break ties if this misuse occurred. Ultimately, these surveys demonstrate an understandable shift in public perception and a united front when it comes to protecting private information from abuse or mismanagement.

Compared to the original crypto community that embraced privacy and libertarianism, today’s cryptocurrency users are less skeptical. The surge in the adoption of blockchain technology has led to an increase in speculators who are interested solely in market performance rather than its core purpose. This transition towards openness isn’t unexpected – transparency is intrinsic within the blockchain itself.

Apart From Those Who Are Financially Interested, There Are Also Many Privacy-Focused People

Grace Rachmany, the co-founder of PricelessDAO, firmly believes in the power of privacy within the crypto ecosystem. She understands that it is an inseparable part of decentralization and freedom for many people. “Although most individuals join this community with aspirations to make financial gains,” she explains, “there is also a large number who care deeply about these issues.”

“Organizations such as, Starkware, and are making remarkable progress in the realm of privacy and freedom,” she remarked. “Although they might not be where big money is or garner much attention from mainstream media outlets, those concerned with protecting their data are still willing to seek out these resources for help.” 

Is Cryptocurrency World Moving Away From Privacy?

She went on to further explain that much of the crypto community has veered off course when it comes to safeguarding both financial transactions and information security – a sobering reality indeed!

SSIs Can Restore This Confidentiality

Self-sovereign identity (SSI) is a revolutionary decentralized approach to identity management that empowers individuals with control over their personal data and the right to choose who they share it with. Dr. Phil Windley, computer scientist and CEO of Sovrin Foundation, has declared SSI as “the key to unlocking the potential of blockchain technology.”

According to Grace Rachmany, the industry has neglected two decades of research in self-sovereign identity (SSI) and is attempting to validate total transparency. Although steps such as ZkSnarks and other security layers are a step forward, we have yet to fully recognize the necessity for self-sovereign identity on a fundamental level.

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