Privacy Blockchains and Cryptocurrencies Might go Mainstream According to Coinbase CEO
By Max Steadman – Cryptocurrency Enthusiast
The CEO and CO-founder of the major United States-based cryptocurrency trading platform, Coinbase, believes that a ‘privacy coin’ has the potential to go mainstream in the coming years. Brian Armstrong said that we could expect to see the integration of privacy features into leading blockchains within the space at some point in the 2020’s.
Alongside implementing privacy features onto an existing mainstream blockchain, Armstrong can foresee, similarly, this evolving into a mainstream privacy coin. While there appears to be a crackdown on privacy protocols, conversely, the apparent community consensus is that this should be one of the main goals for Bitcoin’s (BTC) developments.
The head of the Finance Committee of France’s National Assembly projected heavy regulation and even a ban on ‘privacy coins’ or ‘anoncoins’ in March. What’s more, in May, the Japanese based cryptocurrency trading platform, Coincheck, delisted four privacy coins. The Japan Virtual Currency Exchange Association also in an announcement, suggested to its members to do the same. These ongoing shifts in the industry, for many participants, make Armstrong’s predictions somewhat surprising.
How are major cryptocurrencies addressing privacy?
Cointelegraph published a report, echoing this sentiment that privacy and anonymity within the crypto space is a sensitive topic. While many envision the world of cryptocurrencies as a private ecosystem, many still worry that anonymity is only useful for underground and illicit online activity.
Some Bitcoin (BTC) veterans believe that the integration of privacy capabilities has already begun and claim that its increasing anonymity could unfold to threaten other ‘anoncoins.’ The crypto technology company Blockstream for example, released their own test code using the Schnorr signature algorithm, claiming that this will grow the privacy features on the network.
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