Should We Start Adding Privacy Burning To Chains?

Hey Private Jays

2019 has been a pretty interesting year for cryptocurrency with BTC starting to rally once again while alts completely fall off the wagon, we are far from the crypto bear run we saw in 2017 and many have defected in that time in terms of projects as well as investing.

One of the main issues with cryptocurrency has been privacy and the right to privacy with exchanges pushing for KYC, the building of KYC oracles and Libra bringing the discussion of privacy and cryptocurrency to the fore.

It really got me thinking about the topic and at first, I'm like well we have so-called privacy coins in Monero, DASH and ZCash.

Yes we do have these coins but they do make it a lot more complicated to do your transactions if you have to switch between them to obfuscate your transaction history and keep your purchases private, you also lose out on value during the various exchanges and it starts to become more of a punishment to remain private.

I do believe people should be allowed to have private transactions and I do think its something people want when we look at the value of Dash and Monero and the proliferation of other coins which claim privacy as their main USP I think having it as your only USP is hardly enough fo a drawcard and brings in a certain type of community and isolates others from wanting to use the chain.

Image source: - coinswitch.co

Paying for privacy

What I do think would be a better option to use is looking at providing an open blockchain for transactions but allowing users to use a second layer or side chains for privacy. For example, if it were a privacy layer on top fo ETH or BTC I could select the private transaction and pay a bit extra in gas or mining costs to make sure my transaction is done via a privacy layer or side chain and then synced to the blockchain.

Those who want to keep their transactions private would surely be willing to pay the extra cost which saves them on time, trading pairs, losing more value and adding more convenience to their crypto transactions.

Or for example, if I were using STEEM and STEEM Leo had a privacy option if there was a privacy token I could simply switch to the token to do my transactions and burn those tokens in the process. So the transaction is not only private but those tokens are removed from circulation never to be used again.

Do you think paid privacy transactions would help? Would you use paid privacy transactions

Have your say

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