Post Facebook’s unveiling of its upcoming cryptocurrency project, Libra, a lot has been said and written on the privacy and security factors of these digital assets. In the light of privacy coins’ dominating the limelight this month, Coinbase Co-founder and CEO, Brian Armstrong, tweeted,
“A scalable, sufficiently decentralized, chain that supported private transactions by default [privacy coins] would be a game changer.”
According to Armstrong, crypto “should move in the same direction just like the Internet witnessed from HTTP to adding the security factor in the current HTTPS and many other upgrades that are accepted by default.
The above tweet was in reference to the second biggest privacy coin Zcash Foundation’s partnership to roll-out a software with the prime focus of enhancing its network security. Also, Nathan Wilcox, the chief engineer of ECC [the firm behind Zcash] revealed that the aim of the Zcash team was to make the network accessible to 10 billion people by 2050, would potentially require significant revamps in its infrastructure.
Realizing the need for scaling up the same CEO of the leading cryptocurrency exchange, Coinbase stated,
“Encrypted by default is a bit harder to scale but I think possible. Some are working on it..”
Armstrong further stated that everyone “having financial privacy would be a better/freer world”. This remark comes at a time when the crypto community was still questioning various aspects of the upcoming privacy coin, Libra backed by industry behemoths.
As the two largest privacy coins, Monero [XMR] and Zcash surged over the week, Libra sparked privacy concerns. The data which is meant to be “encrypted” could be, “in limited” circumstances, shared with Facebook could possibly hinder its adoption initially.
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