[2024] May Updates
Navigators,
As the Ethereum ETF edges closer, we want to issue a word of caution, similar to when the Bitcoin ETF was under discussion. We’re witnessing a paradox where TradFi ideologies are becoming mainstream in crypto. We’ve seen an increase in regulatory oversight, centralization and profit — all values that contradict the foundational principles of decentralization, self-determination, and privacy that crypto was built on. Wide adoption offers no real benefit unless these core principles are upheld. We see no other solution than to counter this by building the alternative.
While the new website construction is reaching its end stage, we are excited to share several key updates with you.
As you know, our privacy protocol blsCT combines Boneh-Lynn-Shacham (BLS) Signatures and Confidential Transactions (CT) and was built for a Proof-of-Work blockchain. The protocol is now ready to run as Proof-of-Stake and the pull request is ready for review. Follow the steps more closely via github.
As mentioned in the last update, sakdeniz built a wallet on the new blockchain. The Navio X Wallet alpha version is now live and can be downloaded here or by cloning the GitHub repository and building it yourself.
In regulatory news, Tornado Cash developer Alexey Pertsev was found guilty of money laundering by Dutch authorities and sentenced to a 64-month term. This sets a concerning precedent for Roman Storm, the second Tornado Cash developer facing conspiracy to launder charges. Roman is currently fundraising for his legal defense and seeking community support.
For those interested in staying updated on privacy news, we recommend the Monero Moon newsletter. Published monthly, it aggregates news, events, and educational resources related to privacy. Its content often overlaps with topics of interest to our community.
Beloved peer-to-peer (P2P) exchange LocalMonero announced it will be shutting down. P2P is largely considered one of the safest ways of preserving one’s untraceability when transacting with crypto, and this popular platform will certainly be missed. On the flip side, decentralized exchanges have come a long way and are the most accessible non-KYC alternative.
Law enforcement may not like it, but end-to-end encryption (E2EE) is not going anywhere. Police have wrongfully tried to argue that E2EE is hampering their efforts in catching crimes such as illegal image distribution, yet this is easily disproved by lack of correlation data. So far, any attempt to legally restrict E2EE has proven futile. While surveillance technologies permeate deeper into everyday life, seeing alternatives thrive and show resilience against regulation is always worth celebrating.
Until the next one,
Cheers.