VRB News
Virtual Reality Brisbane
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact
No Result
View All Result
No Result
View All Result
Home IT news

Web 3 Regulations: The Future of Data protection after Tornado Cash sanctions

admin by admin
August 22, 2022
in IT news
0
Web 3 Regulierungen: Die Zukunft des Datenschutzes nach Tornado-Cash-Sanktionen
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter

Zac Williamson, CEO of the Ethereum privacy layer Aztec Network, discusses what the future of data protection in the Web3 could look like.

According to Williamson “can future networks align with regulators’ goals while protecting users’ privacy. However, this cannot work with the existing regulatory structures.” With the ban on Tornado Cash, the authorities have gone the wrong way.

The Financial Renaissance

”A forward-looking government would consider issuing a base currency directly on blockchains like Ethereum,” Williamson explained in a lengthy Twitter thread.

“Fungible, real assets combined with private self-management and low barriers to entry into open networks could create the beginning of a new financial renaissance“, added the CEO of Aztec network.

Hackers from North Korea or other sanctioned countries would continue to use Tornado Cash or a clone, Williams said. “Questionable entities will always offer criminals opportunities to evade, as long as the fact of the crime is even in the slightest contestable.”

In light of the TornadoCash ban, I have some thoughts on the future of privacy networks that I would like to share with you all.

Despite the dark circumstances of the present, there are grounds to be optimistic about the future for web3.

A short 🧵 on why…

– Zac Williamson (@Zac_Aztec) August 16, 2022

Zac Williamsons speaks as a cryptographer“ “Many projects in this field build on my research and benefit from the open source crypto algorithms I have written.”

In 2017, he co-founded Aztec Network, a layer 2 privacy protocol on Ethereum. The platform allows users to access a number of services in DeFi. ”Largely anonymous, but with compliance and verification capabilities,” Williamsons said.

“There can also be regulations in Web 3”

According to Williamson, privacy networks could soon split into four areas: private by default; fully decentralized; user-side compliance – Users can selectively prove parts of their identity (e.g. that they are not on a sanctions list); and open and programmable.

“Programmable Privacy Will Create Exponential Growth Opportunities for Crypto”, explained the CEO. “Users need a way to link encrypted identities to cryptocurrency accounts. This would allow off-chain assets to be issued and traded on the blockchain without the need for intermediaries to manage them.”

The vision of the cryptographer is a future in which the needs of users for privacy and the “openness” of decentralized protocols will lead to two different spheres.

In ”compliant” networks, applications and crypto assets should “comply with the meaning of the existing regulations. However, regulations would have to be adapted in their wording”.

In ”dark“ networks, on the other hand, applications and digital currencies “would not have compliance at the protocol level“.

“If we continue on the path we have taken with the ban on Tornado Cash, then compliant networks will have no chance. Legitimate use would not be able to survive through fear and uncertainty”” Williamson warned, adding:

“There can also be regulations in Web3, but not at the network level, but at the application level. These include companies and institutions linked to the Web3 that provide services to users and companies. For example, access portals for cryptocurrencies and hosted wallets.”

The Tornado Cash sanctions are harming the US itself

Put simply, the Web3 is the idea of a decentralized Internet powered by blockchain technology and token-based economy. Most likely, NFTs (non-fungible crypto tokens) will play a key role in the Web3 as a medium of exchange.

The US Treasury Department imposed sanctions on Tornado Cash on August 8, claiming that the privacy tool has laundered $7 billion worth of crypto assets since 2019. As a result of the new measures, the use of this blender is prohibited for all US citizens and institutions.

The sanctions completely ignore the fact that the mixer committed in April to block addresses from the blacklist of the U.S. Office of Foreign Assets Control.

“With the Tornado Cash sanctions, the US is harming itself. The government is preventing the creation of wealth and jobs by this revolutionary industry“, says Williamson.

Decentralized crypto networks may have Reduced the power of the state to enforce laws, but according to Williamson,“could the state get back most of this power by working with the trusted entities of the Web3. The change in the status quo should be recognized and a new regulatory framework should be created.”

Previous Post

Star Citizen planetary module video

Next Post

European Central Bank (ECB) Lays the Foundation for Uniform Crypto Regulation

admin

admin

Related Posts

Gamer’s Week 2023: Know all the promotions on Amazon Mexico
IT news

Gamer’s Week 2023: Know all the promotions on Amazon Mexico

February 6, 2023
ChatGPT gets paid version with subscription model
IT news

ChatGPT gets paid version with subscription model

February 2, 2023
When is the HOT SALE 2023 in Mexico?
IT news

When is the HOT SALE 2023 in Mexico?

January 31, 2023
Dedicated Servers
IT news

The advantages of dedicated servers: cost, performance, security

January 27, 2023
Different types of proxies and their benefits for online security
IT news

Different types of proxies and their benefits for online security

January 27, 2023
Next Post
European Central Bank (ECB) Lays the Foundation for Uniform Crypto Regulation

European Central Bank (ECB) Lays the Foundation for Uniform Crypto Regulation

Premium Content

Security risk False alarm

Security risk False alarm

July 28, 2021
By 2023, the total number of the used RF smart TVs will reach 41.3 million

By 2023, the total number of the used RF smart TVs will reach 41.3 million

July 9, 2020
Update “No Man’s Sky” brings manned robots

Update “No Man’s Sky” brings manned robots

August 18, 2020

Browse by Category

  • Games
  • IT news
  • Tech
  • World

VRB News is ready to cooperate with webmasters and content creators. Send an email to info@virtualrealitybrisbane.com

Categories

  • Games
  • IT news
  • Tech
  • World

Recent Posts

  • Gamer’s Week 2023: Know all the promotions on Amazon Mexico
  • ChatGPT gets paid version with subscription model
  • When is the HOT SALE 2023 in Mexico?

© 2021 - The project has been developed ServReality

No Result
View All Result
  • Home
  • About us
  • IT news
  • Tech
  • World
  • Contact

© 2021 - The project has been developed ServReality

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?