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[SERIOUS] Let's Discuss privacy chains!

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by COINS NEWS 75 Views

I started this discussion in the Daily, got some interesting answers, and the suggestion to make it into a post to maybe further the discussion. Hope to get some more insight by making this post. Link to original comment: Comment in Daily.

Let me preface this by saying that I'm overinvested in privacy chains, basically, my entire portfolio is privacy chains and some LINK. So this naturally brings the fear of having tunnel vision which is why I'm asking people here;

Give me a good reason why privacy chains aren't the next big thing in crypto.

So first of all let's get the obvious thing here out of the way as there was some confusion in the daily about this. Privacy chains are chains like Oasis network, Secret network, Phala & Obscuro. So not talking about privacy coins like Monero or Litecoin.

Privacy chains allow the possibility to obscure part of a transaction and some of these chains can even be used as sidechain on top of let's say Ethereum.

A simple example is voting for a poll. You interact with the smart contract to vote; the smart contract processes the vote and on the public ledger your transaction would show, showing you voted, but what you voted for would be obscured.

There are of course way more complex possibilities here like undercollateralized lending (obscuring credit score), Digital Identity, MEV-resistant DEX, etc.

Here is a video of Charles Hoskinson talking about the importance of one of the features these chains bring. Not a big fan of the guy, but he does know how the explain this crypto space like no other.

Hope I provided enough info for a good discussion, but just as I said in my original post, I will still offer Moons as rewards for some good comments to further incentivize the discussion.

submitted by /u/WingChungGuruKhabib
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