Even though individuals are connected more than ever before thanks to the modern internet, one thing the younger generation never really experienced is the impression of true privacy. The truth is even older generations can’t really remember what life was before our actions and thoughts were intruded. Visit at: immediate-profit.de
However, with Web3, individuals once again can now enjoy a permissionless, open, and trustless internet. Through Web3 individuals can easily interact with one another without losing their privacy and ownership control.
With that being the primary mission of Web3, blockchains have now become very crucial tools in the crypto industry. They help to erase the need for third parties by creating a direct relationship between service providers and users. Blockchains effortlessly do this by documenting transactions on immutable leaders while recording the interactions between both parties.
Individuals can now also circumvent expensive intermediaries and centralized websites and interests with one another using blockchains. Individuals can not purchase assets like art, houses, partake in top-level decisions, and have access to public aid. Above all the management and control of these processes are easier using decentralized platforms. This is because third parties are unable to have access to personal data except participants approve such.
The reality of blockchain privacy
Frankly, blockchain is pseudonymous as users can be identified with alphanumeric character combinations called public keys. However, the relationship between the metadata and the activity on a transaction usually sabotages pseudonymity. As a result, one of the primary benefits of blockchain is defeated as sensitive data can be exposed to all participants on the network.
For instance, while we do not know who Satoshi Nakamoto is, we can track and monitor transactions linked with Satoshi wallet addresses. Blockchain forensics forms like Elliptic and CipherTrace usually male use of the digital ledger to track and monitor financial transactions on the blockchain network.
Recently, an apparently unrelated occurrence has been examined in the continuously growing realm of blockchain-based markets. Many have observed that transactions visible to miners now get subject to “front-running.”
Even though at first glance, this has little to do with privacy, this kind of attack can happen when plain-text transactions delivered on-chain become readable to miners. With that, miners can’t input their transaction areas of users which gives them an edge to get the best deals.
Be that as it may, the blockchain community has not given privacy the priority that it does era. Rather, the community is more focused on other issues such as cost, scalability, and speed challenges that have impeded blockchain from gaining mass adoption.
The solution for Web3 privacy already exists
Certainly, this lack of focus on privacy is not just willful negligence. This is because there are technical reasons why web applications are unable to implement privacy on existing blockchain infrastructures. Presently, all participants are compelled to re-execute all transactions to validate the nature of their ledger. Hence, each service executed on a blockchain is time-sharing a finite, single, and global compute resource.
Another reason why the blockchain community has not provided privacy is that it is very difficult to guarantee. In the past, private tools have been inefficient and slow while making them more scalable is a difficult job. However, because privacy is difficult to implement, it shouldn’t translate that it should be a priority.
To solve this, the very first step is to ensure easy privacy for users. Offering privacy to crypto investors and traders shouldn’t need clunky tools, shady work about, or a profound understanding of cryptography. Blockchain Networks as well as rt contract platforms should offer a simple alternative. Something as easy as pressing a button.
The truth is blockchain technology is equipped with the right tools that will offer security measures that assure maximum privacy including social accountability.
Secure MultiParty Computation (sMPC) and Zero-knowledge proofs (ZKPs) are the two technologies that can disrupt our perception of internet privacy and assist individuals to regain ownership of their privacy and decide what and what not to post online.
Both solutions will enable the internet to be a place where sensitive info is released only on individual approval. Nonetheless, each of the solutions has its flaws.