Coming from a professional background in computer science and security, Marta Piekarska, Director of DAO and Web3 Strategy at ConsenSys host a fireside chat with Nanak Nihal Khalsa, Co-Founder of Holonym Foundation, to discuss the current state of privacy in Web3 and how individuals can protect their privacy in the crypto space.
Nanak emphasizes the need for privacy protection, even though individuals may initially think they have nothing to hide. He highlights the risks associated with freely giving away personal data and the potential for abuse and breaches.
He explains that while Web3 is often associated with enhanced privacy, it primarily offers pseudonymity rather than anonymity. There is also a dilemma for individual users to balance privacy and government support. He highlights the potential of zero-knowledge technology to introduce new privacy primitives and enable private transactions while still complying with regulations.
According to Nanak, the movement advocating better privacy adoption in Web3 still appears mainly decentralized and lacks a cohesive push. Holonym Foundation has also been working with Lobby3DAO, a Web3 community aiming to provide people with voices in public policy in the United States, to explore confluences with government, regulations, and lobbying.
To protect their privacy, EBC speakers suggest users be cautious about logging in to websites with their wallets, as this can potentially expose their wallet addresses and transaction history. Taking steps to secure personal information and utilizing privacy-enhancing tools are crucial for safeguarding privacy in Web3.
More EBC insights on trust and privacy:
- How To Restore Trust in the Crypto Industry?
- From Trust to Adoption: Building the Infrastructure for Institutions
- Significance of Privacy in Web3
- Custody, Wallets & Exchanges: Keeping Your Crypto Safe