Crypto: Cz Says Lack Of Onchain Privacy Is Holding Back Crypto Payments

Transparency, which is a hallmark feature of most cryptocurrencies, is likely one of the biggest hurdles to mass adoption, the Binance founder said.

Cypherpunk ideology is central to the birth of cryptocurrencies, peer-to-peer digital money that can be transferred without centralized intermediaries, and the encryption of online communication to shield messages from surveillance.

Businesses and institutions will not embrace crypto, Web3 platforms, or blockchain if they cannot shield their transactions, Avidan Abitbol, the former Business Development Specialist for the Kaspa cryptocurrency project, told Cointelegraph.

Transaction data contains critical information about corporate workflows, trade secrets, business relationships and can provide clues about a company’s overall financial health to competitors, he said.

These issues can lead to corporate theft, negatively impact corporations during business negotiations and increase the threat of an institution being targeted by scammers, Abitbol added.

Centralized servers containing critical or valuable information will become increasingly attractive for AI-assisted hackers, he told Cointelegraph.

Source: CoinTelegraph