Because the conversation around privacy intensified using the recent Litecoin (LTC) upgrade known as Mimblewimble and regulators’ response to the feature, Adrian Edge, the founding father of blockchain protocol Anoma, considered in around the subject and shared his perspectives to Cointelegraph.
Based on Edge, privacy is a vital tool for democracy since it prevents huge corporations from targeting people and segregating them into different bubbles. The Anoma founder told Cointelegraph that:
“The fact you have surveillance capitalism enables micro-targeting to this kind of extent that it may put people to their own filter bubbles that is what erodes democracy very rapidly.”
Edge believes that blockchain technologies have a strategy to this problem. He noted the space has the capacity to tackle issues within financial privacy after which eventually proceed to solving general data privacy later on. Edge stated:
“There is really a serious attempt for solving digital privacy because there’s lots of sources being put in innovating around zero-understanding proofs and taking advantage of ZKPs like a privacy-preserving technology.”
The Anoma founder also contended that privacy-focused projects can push crypto adoption in to the mainstream. Edge noticed that utilizing a transparent system “fundamentally implies that your neighbor can easily see how much cash you possess, what your everyday preferences are.” For this reason Edge believes that transparent economic climates won’t gain traction.
Related: Binance ends support for anonymous Litecoin transactions
Earlier in June, many exchanges in Columbia delisted LTC due to its new upgrade known as Mimblewimble which concentrates on privacy. Citing Korean financial rules that stop anonymous transactions, Upbit together with four other exchanges delisted the token using their platforms.
Despite privacy’s clash with regulators, privacy is among the innovations the decentralized finance (DeFi) community expects in the long run. Inside a thread around the DeFi subreddit, a person shared they think that projects centered on privacy may become a catalyst that spurs wider adoption.
