Cashless = privacy-less
With more countries going cashless or charging high rates for cash discouraging its usage I believe it is time for Nu to consider one of the roles fiat has, namely privacy. Cash is still difficult to trace and anonymous. You can handover cash to others or organisations you wish to support without third parties (banks) having knowledge of that it came from you. This may protect you in the future when you e.g. supported organisations or persons with a political objective which became less favourable or even illegal. With a cashless society that ability ceases to exist.
Privacy on the blockchain?
A less known fact is that with the transparent blockchain, whether it is Bitcoin, Peercoin or NuBits some of the assumed privacy is not actually there. There are specialised companies out there to trace money flows in the blockchain and they can proof that a certain address highly likely belongs to you. Only those who are very aware of that and have been taking proactive time consuming and complicated measures to prevent that from happening may be able to keep their privacy on the current blockchain.
Nuās role
For NuBits to be able to fully take the role of digital cash I think it should be possible for everyone to protect their privacy if they wish to do so. This should be optional, possibly for an additional fee as there are business models where you still need transparency and we shouldnāt take that away. Examples of existing privacy protecting blockchains in the top 20 are Dash and Monero. Monero has optional encryption, but has its own blockchain technology. Dash is based on the Bitcoin code but doesnāt allow transparent transactions as far as Iām aware. Both are opensource and their approaches can be studied and used to implement with NuBits when desired.
I think it is an unique market we could enter. The first ārealā replacement for digital cash, stable value and (optional) privacy guaranteed. However there is likely a significant investment required.
Poll
I like to hear what you think which role Nu should take, please enter the poll below and post any comments you have.
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Nu should stay away from further privacy protection. The Nu blockchain is good enough for this purpose and it can send negative marketing signals, e.g. NuBits seen as a darkcoin. People can use Dash or Monero and exchanges if they need additional protection.
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Nu should take the privacy protecting role of cash eventually, but this is a long term strategy and not our immediate focus.
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This is a no-brainer. Nu should take the privacy protecting role of cash as soon as possible, this should be our new focus and in the top 3 of priorities to develop. e.g. the share buy-back funds can be used for this now.
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This is a no-brainer. However we should invest in transparent, user friendly tools provide with Nu to enable user to use e.g. the Dash and Monero blockchain (or others). Think Shapeshift integration or cross chain transactions.
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Other, please post your comment below
0 voters