It may be hard to recall this in the modern world of social media posting and live streaming, but your privacy is a right. You need not share info about yourself to most people, and nowhere is this truer than when it comes to money.
Which brings us to cryptocurrencies.
And, no, Bitcoin is not a great example of such privacy. Bitcoin uses a pseudonym system: once a person is open to being watched, i.e. someone knows someone else’s account name, they are open to viewing. If cryptos become a readily used currency system in the world, then this is a problem we need to get around. Businesses, individuals, corporations need privacy.
Thankfully, Monero and other cryptos are here to help with this mission.
These cryptos use methods of hiding information, further moving toward anonymity. Monero essentially loses transactions in a crowd, utilizing many users so it’s hard to see where money truly went. ZCash uses zero-knowledge proofs to hide personal data, while still preventing fraud. Dash uses mixing to make your money harder to track.
These are all good steps in the right direction. Regardless of what methods turn out to be the most efficient and resilient, we need to go towards these sorts of systems. People want their privacy, and unscrupulous individuals will always try to dig past that. You have the right to privacy: so, we must focus on how to be one step ahead of those who don’t respect that right.
By Brandon Scott