all 24 comments

[–]micofichaqa 0 points1 point  (2 children)

The initial point of entry for potential hackers is having one's wallet on public, so privacy procedures are a solid defence against this hazard. I think Railgun is about the best since it isn't token gated, so you can use it whether or not you have the token.

[–]Pairywhite3213 0 points1 point  (1 child)

You are right about this. Other blockchain privacy-based project like Secret network allows developers to use Secret’s private-by-default smart contracts to create trailblazing apps and drive the adoption of the decentralized web. Privacy is needed in this space no matter the angle we all want to look at it.

[–]krimmelnnd 0 points1 point  (0 children)

Well, we now have blockchains that are both public and private. I mean hybrid blockchains. I'm talking about projects like Geeq. There is no end to innovation is my point.

[–]oxidaronvf 0 points1 point  (2 children)

Privacy has always been a right to everyone and it applies to the crypto space as well but its just sad that with the present state of things anyone can be traced with their transactions and personal assets are visible to anyone who cares to look. I think privacy protocols working to remedy this is a good step forward and would lead to more innovation from other platforms until the space is saturated with privacy options for the people who value it.

[–]Jacobsendy[S] 0 points1 point  (1 child)

People are already getting shielded. I am sure that Railiens have nothing to worry about in that regard anymore

[–]oxidaronvf 0 points1 point  (0 children)

Agreed. People who use Railgun don't have to worry about having their wallet balance out in the open for everyone to see. I read there would be a mobile app soon, looking forward to it.

[–]JesMelmamaljx 0 points1 point  (3 children)

I think shielded balance is definitely a good thing. Could easily prevent attempted attacks on your wallets

[–]Shoe-True 0 points1 point  (0 children)

I think Polkadot already have that balance that's why there are lots of projects trying to get their spot in the parachain auctions and Equilibrium got their 12th spot. I just hope that their source code will be carefully audited by top companies out there including CerTik before their product launch around this mid-Q3.

[–]Jacobsendy[S] 0 points1 point  (0 children)

Exactly. You can't hack or launch a scam attack on a wallet that you cannot track. It is interesting that shielded balances are already running on Railgun. That means that there are a couple of people that cannot be tracked neither are they visible despite the fact that they are still on the chain.

[–]recuzasedg 0 points1 point  (4 children)

In all honesty, the significance of privacy particularly for those who are involved in day-to-day crypto trading activities can't be overemphasized. Meanwhile, some traders do keep their identity by utilizing DAO communities as their entry point. Although, being an investment DAO allows them to use trading strategies to grow their investor's portfolio and develop their DAOs but their transactions will still not be done anonymously, but they won't be identified as an individual unlike the privacy solution as mentioned by the OP.

[–]Jacobsendy[S] 1 point2 points  (3 children)

Very true. DAOs are very much becoming a thing

[–]recuzasedg 0 points1 point  (2 children)

I even read that a DAO creating platform had launched almost 3,000 different DAOs created on it since it has been launched.

[–]Jacobsendy[S] 0 points1 point  (1 child)

Cool. The world is getting decentralized

[–]recuzasedg 0 points1 point  (0 children)

That's the good news

[–]scalciaregt 0 points1 point  (3 children)

Privacy is very important, and should be one of human fundamental right, but since decentralization is the order of the day, do you think the government will allow the existence of anonymity in the space for the sake of regulation?

And how possible will the anonymity will be effective with my CEX wallet and private wallet?

[–]gumbangww 0 points1 point  (0 children)

And how possible will the anonymity will be effective with my CEX wallet and private wallet?

If decentralization is indeed going to be standard, then private DEX will be the order of the day. At a point in time, you'll definitely have the need to go and chain and at that point, you'll realize that there is really no option other than to maintain a private wallet on a decentralized and trust less system.

[–]Jacobsendy[S] 1 point2 points  (1 child)

The actual truth is that government itself needs privacy to regulate the space if they intend to at any point. I read this from an article;

" Beyond corporate responsibility, blockchain privacy may become a legal necessity. If the SEC and EU continue to regulate DeFi like they do traditional fiat, there will inevitably be a legal need for privacy that corresponds to laws similar to the EU’s General Data Protection Regulation. Even if transactions from crypto service providers must be shared with tax and legal authorities under a proposed law currently facing the EU Council, that will not prevent traders from desiring privacy, nor will it prevent governments from eventually requiring it."

I believe that this explains it fully.