Privacy-focused coins such as Dash, Monero, and ZCash are controversial as they can anonymize criminals online. However, privacy is important as many people live under the auspices of corrupt governments where such technology represents a beacon of hope. Governments should fear privacy coins as a form of money. The degree of anonymity is startling. Governments should also warm to the non-monetary applications of the underlying technology. There is too much potential for much-needed protection, claims Weiss Ratings in their recent blog post written by Martin D. Weiss, PhD and Juan M. Villaverde. The World Needs Privacy Governments are waging a war of physical cash. They want to force all liquid assets under the roof of financial institutions. This is an issue for the millions of citizens under authoritarian, corrupt regimes. Two key risks being asset seizures and invasion of personal privacy. The non-monetary applications of privacy coin technology provide solutions.
According to Weiss and Villaverde: Privacy DLT is a technology that can guarantee the anonymity and privacy of voters, precisely what’s essential for secure, democratic elections. Thus, the same kind of Privacy DLT that Zcash uses for shielding transactions can also be used to create a fast, efficient, anonymous, and secure voting system. Governments should warm to the underlying technology. Privacy-coin technology can, for example: Protect the privacy of personal information. We can avoid another Cambridge Analytica scandal. With the technology, the social media norms of the future would look radically different. Users own their data, and it’s protected with advanced cryptocurrency. Build a solid shield against hackers. We can move sensitive data off centralized data centers. Mass security breaches will become very difficult. Make government information safer. We can split classified information into thousands of pieces. We can store the information over tens of thousands of servers, spread globally. Blanket Banning is Daft Despite the upside, we are playing