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The Future of Privacy on Web 3

Panel discussion on PriFi (Privacy Finance) with highlights from various privacy projects

As the blockchain ecosystems grow along with the DeFi applications that sit on them and the increasing amounts of TVL, there has never been a more important time to emphasize on-chain privacy. Privacy Finance (PriFi) is an emerging aspect of decentralized finance that has come to the forefront as the needs for Web3 privacy grow.

When Satoshi Nakoto originally conceived of the idea of Bitcoin and its underlying network, they applied pseudonymity for users, which would anonymize users and provided a level of privacy that worked for that time. However, since then a lot has changed including the development of smart contracts and more complex layer-one environments.

Along with that comes the need to evolve the privacy layers surrounding it. Recently, a panel discussion took place with some of the leading players in the Web3 privacy space. These included:

Full panel discussion regarding privacy in Web3 at DeFiCon

The issue of privacy is growing and should not be taken for granted. The current conversation around Web3 privacy needs to be elevated; it suffers from the same issues that Bitcoin itself suffered from in early conversations–when mentioning topics around the digital currency, critics would argue that its only use case would be money laundering and other illicit activities. Since then, Bitcoin has matured and the conversation around it has evolved as well, with new entrants such as traditional finance operators validating its value proposition to the world.

Now, with Web3 privacy, similar criticisms arise, indicating how early the conversations are around this important topic. In reality, though, the implications of a lack of Web3 privacy are heavy when it comes to the future of decentralized finance and other blockchain use cases. The conversation between the founders of the various Web3 privacy projects at DeFiCon highlighted topics that should be addressed to push the topics of privacy forward. Some key quotes from the conversation can be found below.

Key Quotes from the Conversation

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