Decentralized technology will end the Web3 privacy conundrum
Problems with technology and log-jam blocking the benefits of Web3 privacy can be ignored if appropriate solutions are adopted.
Although the modern internet connects us in a way that has never been seen before, the only thing that younger generations have never really felt is a secret. Even the older generations have forgotten what life was like before all our thoughts and actions were followed.
Web3 envisions an open, honest, and authoritative Internet where users can share with their peers without losing control of their identity, privacy or reliance on mediators.
Under that perspective, blockchains are one of the most important tools. They eliminate the need for trusted third-party companies and help create direct relationships between users and service providers, record transactional rules for unchanging customers and maintain direct interaction between them. Blockchains rebuild structures and a balance of power in data ownership.
With blockchains, individuals can now bypass intermediate websites and expensive intermediaries and interact directly with each other through final encryption. People can buy goods such as houses or works of art, access public services, and participate in high-level decisions. Additionally, the control and management of those processes is much easier through a dedicated platform where outside companies can access data unless participants agree to enable it.
That’s the idea.
The truth of the blockchain privacy
In fact, modern blockchains are “unknown,” in which users are identified by a series of alphanumeric characters known as public key. However, the link between work and metadata can often undermine a pseudonym. This makes one of the main advantages of the blockchain invalid and reveals sensitive information to all network participants.
We may not know who Satoshi Nakamoto is, but we can track purchases related to their addresses. Blockchain forensics firms, including CipherTrace and Elliptic, regularly use digital book to track financial activity in blockchain.
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What seems unrelated has recently become apparent in the growing world of blockchain-based markets, where trading, which seems to be for miners, is declining “improved.”
While this has little to do with privacy at first glance, this type of attack occurs when a miner is able to read jobs in plain text and put his or her work in front of users, get the best deals that leave us all somewhere. low cost. The maximum output (MEV) refers to the number of miners who can suck out of the system by running ahead – a number that can be obtained by users.
Since January 2020, miners have released hundreds of millions of U.S. dollars. sign up for Ethereum users. Clearly, this is a real problem the industry has to deal with.
This begs the question: What are the layers of the blockchain that bring real privacy?
As things stand now, the use of privacy has not been provided with the necessary necessary or appropriate things. Instead, the blockchain community has chosen other priorities – in particular, to address the challenges of measurement, speed and costs that the blockchain had in terms of mass acquisition.
Web3 privacy solution already exists
It is not just deliberate negligence, though. There is a good technical reason why web applications today can not use them in existing blockchain structures. Because all participants currently have a responsibility to redouble their efforts to verify the status of their blockchain, all blockchain resources share time on a single, complete, global computer.
Another reason why privacy is prioritized is that it is very difficult to guarantee. Historically, privacy tools have been slow and inefficient, and raising them is a daunting task. But just because it is difficult to exercise privacy does not mean that it should not be a priority.
The first step is to make privacy easier for the user. Obtaining privacy in crypto does not require sophisticated programming, shadow tools or in-depth technology in complex cryptography. Blockchain networks, including smart contract forums, should support voluntary privacy that works as easily as click a button.
Blockchain technology is ready to respond to these calls with security measures that ensure greater privacy and accountability to the public.
Zero-knowledge proof (ZKPs) and multi-group protection (sMPC) are two technologies that can change the way we view online privacy and help us control and seduce online adults.
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Both solutions will allow the Internet to be a place where our sensitive data is only released with our consent. However, each solution has its problems.
Kinks in blockchain privacy
While ZKP allows for basic transfers, it does not allow for multiple user interactions. And while sMPC allows more users, it can move slowly on its own. The obvious answer is to combine these two technologies together to eliminate traps and create a fast, highly secure, confidential framework for Web3 projects.
Perhaps the best way to check the privacy of the web today is that we are finally at the end of a big log jam. Location – the best kind of privacy a user can control – has never been more suspicious, but there have been fish to be fried.
The jam is created with a reasonable focus on resolving balance, speed and cost, leaving very little energy and investment to deal with privacy. But that is over.
This article does not contain any investment advice or recommendations. Every investment and trade movement involves.