Bitcoin and Blockchain Educator Andreas Antonopoulos Talks Internet Being a Personal Spy
Andreas Antonopoulos believes privacy should be the primary focus for the cryptocurrency moving forward. His official words are ‘giant surveillance machine’ due to the lack of privacy on the Bitcoin network.
According to him, the second layer privacy protocols are not strong enough to protect the user. He recently gave a talk that covered different aspects of cryptocurrency privacy. Right now, privacy is more important than ever, especially before scaling can occur.
Bitcoin is still a dangerously unsecured platform according to Andreas, particularly for those people who are new to the cryptocurrency game. His remarks on privacy are mainly due to the soon to come to Bitcoin ETF that will bring in money from new sources, primarily that of major financial institutions. Privacy is likely the most critical portion of the Bitcoin platform that needs improvement set on its roadmap. He made an excellent point that second layer privacy protection would be ineffective if layer one didn’t have adequate privacy.
Learning about privacy is as easy as looking at the internet, on which a small group of companies is the ones pulling the proverbial strings guiding the rest of the people online, with access to everyone’s data. IPV4 held no privacy features, effectively turning the internet into a massive spy camera and microphone of sorts that made surveillance easy for big brother.
As a result, everyone online suffered from identity theft and infringement by larger corporations. A second layer protocol could help, but for that to happen, layer one must be secure as well. The lighting network is an excellent example of improved security and privacy on the Bitcoin network. It’s essential that intimacy takes precedence over scaling. Otherwise scaling will fail, and its likely Bitcoin will not be accepted mainstream. Privacy is something needed by all tokens, not just the fungible ones.
Antonopoulos believes every virtual currency in circulation should be required to have privacy measures in place, basically calling those without it weak currencies. He still believes in time that security and privacy will be handled accordingly, blockchain technology is likely to be the secret to it. Another significant move will be multi-currency routing networks that will actively be private due to the multiple numbers of layers required to move such currencies.
Along with that already mentioned above, other innovations like Aggregation of Signatures Across Signers are going to improve privacy as well naturally.
Some see his perspectives on privacy as negative, he merely sees them as transparent. People must be made aware of their privacy infringements so that they can protect themselves from unlawful surveillance. Even though the internet isn’t considered secure, cryptocurrency general is – and could be the link to safeguarding users – which is something the blockchain has helped achieve.
Lastly, Antonopoulos ended with the statement:
‘A private system can be transparent, but an open system can’t be private.”
What do you think about the current security and privacy standards of cryptocurrency and the internet? Leave your comments and opinions in the section below.