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Web3.0 should adopt the right solution for privacy. Although the modern internet connects us like never before, one thing that younger generations miss is their privacy. In today’s world, our every thought and actions are being traced. The ecosystem envisions an open, trustless, permissionless internet where we can interact with each other P2P without giving up ownership control, privacy or relying on intermediaries.
Blockchains are one of the most significant tools in the ecosystem. The technology eliminates the need for trusted third parties or intermediaries and helps to create a direct relationship between users and service providers.
Reality of Web3.0 privacy
Today blockchains are pseudonymous, where we are identified as an alphanumeric string of characters known as a public key. Such nature renders one of the main proposed benefits of blockchain useless and potentially exposes sensitive information to all participants in a network.
Although the world still doesn’t know the creator of Bitcoin and the underlying technology. But we can track the transactions associated with their address. Following the features of the chains, firms like CipherTrace and Elliptic are regularly tracking the financial activities.
Although at first glance the factor has nothing to do with privacy, users can face a type of attack. Notably, in the ever-growing ecosystem trades are visible to miners, which are subject to front running. These crypto mining operators can read the plain-text transactions submitted on chains and insert their own transactions ahead of users, getting the best deals and leaving the rest of us with less value.
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Solution for blockchain privacy
When we are concerned that the implementation of privacy has not been given the priority that is required, we should know that the solution already exists. There is a good technical reason that the apps today are unable to execute on existing blockchain architectures.
The first step to make privacy simpler in Web3.0 does not require clunky workarounds, shady tools, or a deep expertise of complex cryptography. Indeed, the ecosystem should support optional privacy that works as easily as clicking buttons.
Zero-Knowledge Proofs (ZKPs) and secure multiparty computation (sMPC) are a couple of technologies that can revolutionize our privacy. These technologies can help us regain control over the person as we create online. According to experts, both solutions allow the internet to become a place where our sensitive data could be stored and released with only our permission.
