People in power, like the government, lawmakers, banks, and regulators, are making it difficult for the crypto space to maintain its privacy with the daily laws and interference they keep bringing into the blockchain space.
The latest development from Zcash (ZEC) has announced that it plans to launch an upgrade that will see its users carry out transactions and payments digitally from the comfort of their gadgets while enjoying maximum privacy. This privacy coin was one of the few coins launched in 2016.
In the crypto space, the privacy and anonymity that the users and people enjoy have been among the core reasons for the fast adoption and trust that it enjoys. On the negative side, we have seen privacy misused, abused, and used for illegal activities in the space by developers and acclaimed Coin project founders. Regulators and lawmakers’ needless meddling into this space has raised eyebrows about the authenticity of privacy which has been the main reason individuals and people have adopted the digital currency.
With consumers’ privacy being jeopardized regularly in and around the world, Crypto firms stand a chance to help protect this privacy and give full cover over users’ information getting leaked publicly through its privacy projects which they roll out.
According to reports, the corporate data breach has hit an all-time high in 2021, with a record 294 million persons affected by this act since It’s 18 million reported in 2017. While these numbers remain the ones reported, there’s a belief that it surpasses these numbers as there are still lots unreported.
With Defi leading the forefront for the major setback in pushing for privacy in the crypto space, the common theft, rug pulls, and scams are being perpetrated easily by project developers on unsuspecting investors and new crypto traders. There is a need to redefine and re-evaluate how much of importance it is to have privacy in the space.
For true privacy to be accomplished, crypto and non-crypto projects must undoubtedly collaborate and forge a path for this to work and grow.
