Molly White, Interviewed by Harvard Business Review: ‘Cautionary Tales From Cryptoland’

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.

Tuesday, 17 May 2022