Privacy issues in our world of transaction- the clarion call has been heard
Currently the wail of the people is based on the fact that their transactions lack security, while they risk losing their personal informations, they also have the tendency of becoming a show of public menace through the misuse of their stolen personal information.
According to research, well known companies such as Yahoo, Uber, Paypal, Intercontinental Hotels Group, US credit agency Equitax, UK National Health Service System (NHS) e.t.c have a large number of leaked user privacy data. In march 2018, Facebook lost tens of billions of dollars in the market value due to its large privacy data leaks.
The case is alarming and the multitude are making the clarion call for a help to come and establish a platform where they can transact with anonymity and their personal information are ensured to be safe. The hope formerly was built on bitcoin which was a promising entity. On the arrival of bitcoin, it was full of promise, building a decentralized system that looked like the definite solution, however, it led down many people in its course of action as it couldn't live up to the expectation of the people.
Causes of loss of private informations
The privacy leaks in the internet application causing people to lament is actually built on a poor data security protection mechanism in a centralized platform, block chain comes with a decentralized system and is keen to solving such problems. Bitcoin and ethereum which works on block chain technology 1.0 and block chain technology 2.0 didn't take into consideration the possibility of a link being established between the wallet and physical identity.
Decentralized privacy protection tech.
It is most pleasing that teams are working tirelessly and relentlessly to address the privacy protection of decentralized networks some of which include Zcash, Monero and Dash. One of the most common use is changing the transaction process without changing the results of the transaction which means people would be able to trade and make transactions in a different way from the process in style with the end result of the transaction still in place. The process is in such a way that attackers would be unable to access the transaction. This method is known as the "mixed currency" here, the transaction information is not sent from the sender directly to the receiver as in this way the transaction is vulnerable to attackers however, the information is sent from the sender to the receiver in an indirect manner involving intermediaries which leaves attackers toothless. A transaction with multiple intermediaries even makes it more difficult. This method has been adopted by Dash and Monero. The mixed currency can also be divided into the centralized node and the decentralized node each with its own advantages.
Conclusively, the clarion call has been heard and the race has begun, the fight and struggle to get the long lasting solution has begun and we have gotten to a part where everything has started to unfold in a manner that will eventually lead us to it.
Sero Team
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