Transparent financial systems won’t get real traction, says blockchain executive

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As the conversation around privacy intensified with the recent Litecoin (LTC) upgrade called Mimblewimble and regulators’ reaction to the feature, Adrian Brink, the founder of blockchain protocol Anoma, weighed in on the topic and shared his views with TSWT.

According to Brink, privacy is an essential tool for democracy because it prevents big companies from targeting people and segregating them into different bubbles. The founder of Anoma told TSWT that:

“The fact that you have surveillance capitalism allows for micro-targeting to the extent that it can put people in their own filter bubbles, which erodes democracy very quickly.”

Brink thinks blockchain technology has a solution to this problem. He noted that the space is capable of resolving financial privacy issues and then possibly moving on to resolving general data privacy in the future. Brink said:

“There is a serious attempt to solve digital privacy, as many resources are spent innovating around zero-knowledge proofs and using ZKPs as a privacy-preserving technology.”

The Anoma founder also argued that privacy-focused projects can push crypto adoption into the mainstream. Brink pointed out that using a transparent system “basically means your neighbor can see how much money you have, what your day-to-day preferences are,” which is why Brink believes transparent financial systems won’t gain popularity. .

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Related: Binance ends support for anonymous Litecoin transactions

Earlier in June, many exchanges in South Korea removed LTC from the list due to its new upgrade called Mimblewimble, which emphasizes privacy. Citing Korean financial regulations that prohibit anonymous transactions, Upbit and four other exchanges removed the token from their platforms.

Despite the conflict between privacy and regulators, privacy is one of the innovations that the decentralized finance (DeFi) community expects in the future. In a thread on the DeFi subreddit, one user shared that they believe privacy-focused projects can become a catalyst that drives wider adoption.

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