One more on the “cryptocurrency is mostly about scams” front — a concise interview with Web3 Is Going Just Great creator Molly White, by Harvard Business Review editor Thomas Stackpole:
Stackpole: One of the most surprising (to me, anyway) arguments
you make is that Web3 could be a disaster for privacy and
create major issues around harassment. Why? And does it
feel like the companies “buying into” Web3 are aware of this?
White: Blockchains are immutable, which means once data is
recorded, it can’t be removed. [...] Many blockchains also have a
very public record of transactions: Anyone can see that a person
made a transaction and the details of that transaction. Privacy is
theoretically provided through pseudonymity — wallets are
identified by a string of characters that aren’t inherently tied
to a person. But because you’ll likely use one wallet for most of
your transactions, keeping one’s wallet address private can be
both challenging and a lot of work and is likely to only become
more challenging if this future vision of crypto ubiquity is
realized. If a person’s wallet address is known and they are using
a popular chain like Ethereum to transact, anyone [else] can see
all transactions they’ve made.
Imagine if you went on a first date, and when you paid them back
for your half of the meal, they could now see every other
transaction you’d ever made — not just the public transactions on
some app you used to transfer the cash but any transactions: the
split checks with all of your previous dates, that monthly
transfer to your therapist, the debts you’re paying off (or not),
the charities to which you’re donating (or not), the amount you’re
putting in a retirement account (or not). What if they could see
the location of the corner store by your apartment where you so
frequently go to grab a pint of ice cream at 10 PM?
Web3 is my favorite new blog in years. Everything about it is just perfect.