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Acc - transparent financial solutions won't gain popularity.

24-Jun-2022 By: Simran Mishra
Acc - transparent fi

Acc. to a blockchain executive, transparent financial solutions won't gain much popularity.

Using a transparent system, Adrian Brink, the founder of Anoma, noted, "means that your neighbour can see how much money you possess, what your daily preferences are."

Adrian Brink, the creator of the blockchain system Anoma, joined in on the discussion and provided his insights to Cointelegraph as it grew more heated due to the latest Litecoin (LTC) upgrade named Mimblewimble and authorities' response to the feature.

Brink argues that privacy is a crucial tool for democracy because it prevents big businesses from dividing people into various bubbles and using their data to target them.

According to Brink, this problem can be solved via blockchain technology. In the future, he said, the field will be able to address problems with general data privacy after first addressing those with financial privacy. According to Brink, there is a real effort being made to solve the problem of digital privacy since many resources are being devoted to developing zero-knowledge proofs and deploying ZKPs as a privacy-preserving technique.

The founder of Anoma also asserted that privacy-focused initiatives can advance cryptocurrency acceptance. By employing a transparent system, Brink noted, "your neighbour can fundamentally see how much money you own and what your daily desires are." Because of this, in Brink's opinion, transparent financial systems won't catch on.

Because to its new privacy-focused upgrade called Mimblewimble, numerous South Korean exchanges delisted LTC earlier in June. Upbit and four other exchanges delisted the coin from their services, citing Korean banking restrictions that forbid anonymous transactions.

The decentralised finance (DeFi) community anticipates privacy as one of the advances in the future, despite privacy's conflict with regulators. A member stated their opinion that privacy-focused projects could serve as a catalyst for more adoption in a conversation on the DeFi subreddit.

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