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Following U.S. penalties on coin mixer Tornado Cash, several web3 companies established an alliance to educate people about the need for data privacy. The alliance also established a legal defense fund to further its cause.
The partnership includes Web3 businesses from p0xeidon labs, Nym Technologies, Secret Network from SCRT Labs, Orchid, Railgun, Status, and Oasis Foundation’s Oasis Network.
The Universal Privacy Alliance (UPA) stated in a statement that it “aims to protect privacy independent of the blockchain or technology stack.” It lays the groundwork for native privacy, ensuring the security and democracy that are essential for the success of new technologies.
Additionally, the alliance introduced the UPA Legal Defense Fund, which it claims will help it further its primary objective of “defending the ability to experiment with, develop, and utilize full-stack privacy solutions.”
The UPA said in a statement that the action “comes amid a rising wave of censorship, suppression, and even criminalization of privacy technologies.”
The Universal Privacy Alliance was introduced on October 11 at a side event held in Bogota, Colombia, as part of the Devcon conference of the Ethereum Foundation. Former intelligence contractor Edward Snowden delivered remarks via video conference at the event, which was held at the ZK House hackerspace.
What exactly is Web3.0?
Web 3.0 is the third generation of web technologies (Web3). The World Wide Web, sometimes known as the web, provides website and application services, acting as the fundamental building block of the internet.
The fact that Web 3.0 is constantly evolving and being defined means that there isn’t a single agreed definition. Web 3.0 will undoubtedly greatly highlight decentralized applications and use blockchain-based technology, it is certain.
Blockchain enables the creation of decentralized apps and services. Blockchain uses a distributed method to disseminate data and connections across services as opposed to centralized database architecture. Blockchain can also provide an unchangeable record of transactions and activity in a decentralized setting, helping to confirm authenticity.
A key element of Web 3.0 services is the usage of cryptocurrencies, which essentially replace the use of fiat money.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
