In the latest installment of Cointelegraph’s podcast, “Hashing It Out,” host Elisha Owusu Akyaw and guest Antoni Zolciak, co-founder of Aleph Zero, explore the intricate world of privacy in the Web3 ecosystem, focusing specifically on projects that prioritize privacy. Zolciak, who has extensive knowledge in privacy protocols, sheds light on the challenges and advancements in maintaining privacy in today’s increasingly digital age. The episode also delves into the philosophical and technical foundations of privacy and examines its implications for individuals and institutions.
Zolciak emphasizes that privacy, once considered a fundamental right, has lost its significance as people willingly exchange it for free services. However, the issue lies in the fact that most users are unaware of the extent to which they are surrendering their data and the potential consequences it may have for them.
The co-founder of Aleph Zero explains that privacy holds great importance in the Web3 space because user experience plays a crucial role in shaping their approach to data protection. He points out that the average user may struggle to distinguish between pseudonymous and anonymous transactions, leading to a lack of understanding of privacy in the Web3 realm. Additionally, most users fail to recognize the distinction between privacy coins and privacy-enhancing blockchain infrastructure, such as zero-knowledge proofs (ZK-proofs).
Zolciak argues that recent events, including the delisting of Monero (XMR) by major exchanges like Binance, are a consequence of the ecosystem’s popularity and growth, as well as the regulatory scrutiny it has attracted. He suggests that removing projects like Monero is seen as a response to the increasing regulatory oversight. However, Zolciak is quick to point out that certain privacy-centric projects like Zcash (ZEC), which actively communicate and work towards compliance, remain listed.
Regarding the future of privacy in the blockchain industry, Zolciak believes that it will become a default feature with the emergence of ZK-proofs. Furthermore, he predicts that “killer applications” such as decentralized finance applications with enhanced privacy features will drive the adoption of privacy within the space.
To listen to the full episode of “Hashing It Out,” head over to Spotify, Apple Podcasts, or TuneIn. Don’t forget to explore Cointelegraph’s expanding collection of Web3 podcasts.
Please note that this article is intended for general informational purposes only and should not be considered legal or investment advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of Cointelegraph.