As the privacy conversation intensified with the recent update of Litecoin (LTC) called Mimblewimble and the regulatory response to the feature, Adrian Brink, founder of the Anoma blockchain protocol, gave his opinion on the topic and shared his views with Cryptooshala.
According to Brink, privacy is an important tool of democracy because it prevents huge corporations from targeting people and separating them into different bubbles. Anoma’s founder told Cryptooshala that:
“The fact that you have surveillance capitalism allows micro-targeting to the point where it can put people in their own filter bubbles, which destroys democracy very quickly.”
Brink believes that blockchain technology has a solution to this problem. He noted that the space has the potential to address financial privacy issues and then eventually move on to addressing general data privacy in the future. Brink said:
“A serious attempt is being made to solve the problem of digital privacy because a lot of resources are being spent on innovation in zero-knowledge proofs and the use of ZKP as a privacy preservation technology.”
The founder of Anoma also argued that privacy-focused projects could help spread the cryptocurrency. Brink noted that using a transparent system “essentially means your neighbor can see how much money you have and what your daily preferences are.” That’s why Brink believes transparent financial systems won’t catch on.
Binance Ends Support for Anonymous Litecoin Transactions
Earlier in June, many exchanges in South Korea delisted LTC due to its new update called Mimblewimble, which focuses on privacy. Citing Korean financial regulations prohibiting anonymous transactions, Upbit, along with four other exchanges, removed the token from their platforms.
Despite the privacy conflict with regulators, privacy is one of the innovations that the decentralized finance (DeFi) community is looking forward to in the future. On a DeFi subreddit thread, a user shared that he thought privacy-focused projects could be a catalyst to drive wider adoption.
Credit : cointelegraph.com