Is privacy important in DeFi? Founders of Polkadot-based Manta Network share their insight
- Privacy for all
- Is an Ethereum address more private than a Twitter ID?
At the Brooklyn DeFi conference, leading cryptocurrency entrepreneurs discussed the most crucial aspects of Web3 and blockchain progress.
Privacy for all
Kenni Lai from Manta Network, James Carlyle from Obscuro, and Carter Wetzel from Secret Foundation hosted a panel discussion on leading privacy practices in Web3, DeFi, and crypto.
I did not have the opportunity to review @DeFi_Conference panel on #Web3 #privacy? Read the summary of #prifi conversation here, with some key quotes from the founders of @MantaNetwork, @obscuronet, @SecretNetwork, and @railgun_project https://t.co/IhM3K1vwaJ
— Manta Network (hiring!) (@MantaNetwork) January 11, 2022
Mr. Lai pointed out that the privacy and anonymity requirements of cryptocurrency transactions have evolved significantly since the inception of Bitcoin (BTC) and Ethereum (ETH):
The idea of privacy didn’t exist beyond the pseudonym, but things have definitely evolved since then, and needs have evolved as well.
He added that, unfortunately, when gas costs are too high, privacy becomes a luxury rather than a utility. As such, only resource-efficient privacy solutions can truly solve these dangerous bottlenecks.
James Carlyle pointed out that payment privacy is no longer needed only by darknet actors and money couriers. Even crypto owners who are not involved in illegal activities should be careful to avoid obfuscation of their bank details.
Is an Ethereum address more private than a Twitter ID?
That’s why it’s privacy that ensures the transition from Web2 to Web3. At the same time, for modern data mining instruments, an Ethereum public address is as valuable as a Twitter ID. So the space badly needs a 100% fresh approach to privacy issues.
As previously reported by U.Today, Manta Network is a pioneer in developing the “privacy layer” for decentralized applications on Polkadot and its sister channel, Kusama.
On November 16, 2021, Manta Network secured $28.8 million from a number of highly reputable VCs and heavyweight business angels.
Polychain Capital, CoinFund and ParaFi Capital led the round, while Alameda Research, DeFiance Capital, LongHash Ventures, SkyVision Capital, Zee Prime Capital, The Spartan Group, Divergence Capital, SNZ Holding, CMS Holdings, Global Coin Ventures, ConSensys and Digital Currency Group also supported Manta in this fundraising.