نشر
Aryâ_Crypto
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The Cafe Question That Made Me Rethink Blockchain Privacy.
Last weekend I was sitting with my best friend at a small cafe, the kind of place where conversations wander in unexpected directions. Our conversation began with work, then technology, and at some point, our conversation waned to cryptocurrency. He is not a serious crypto enthusiast, but he is interested in it as most people are. Once he posed me a simple question which made me take a pause.
Suppose blockchains are meant to be transparent, he said, how could anyone ever utilize them in a real company? It seemed to me that it was a very simple question at first but the more I considered it, the more I understood how significant it was. Transparency is something to applaud in the crypto circles. All transactions are traceable, all wallets can be examined and they all can be seen in the public ledger. To traders and amateurs, such openness is revolutionary.
However, in the case of actual business, this is quite the opposite. I would think about having a company that all the money that leaves the business would be seen by the whole world. Your rivals may know just how much you paid in terms of raw materials. They would be able to see your supplier relationships evolve as they happen. They would even be in a position to determine your profit margins by simply tracing transaction flows. No serious business would voluntarily conduct its business under such kind of exposure.
It was the time I recalled something I had just been reading about Midnight Network. Unlike viewing privacy as an aspect of everyday life as a suspect or something under wraps, Midnight tackles privacy as a matter of common sense or the daily routine. Due to thinking about it, there is already privacy everywhere around us anyway. The reason is that when you send a commercial email, it does not get read up by the whole internet. When a company makes a payment of salaries, those figures are not written on a billboard. But in its most pure state of blockchain technology, everything became public.
Midnight attempts to resolve that issue with what they refer to as rational privacy. It is an easy thing to listen to. You do not disclose everything or conceal everything, but just what is necessary. This technology is founded on zero knowledge proofs but the idea itself is disarmingly human.
Consider presenting your ID to the store during the purchase of something that is age restrained. The checkout attendant does not have to be aware of your address, height or the complete personal information. They need only to know this, that you are old enough. This is the same with rational privacy. It enables one to demonstrate a fact without revealing all the information under it.
As I explained this to my friend, he leaned back slowly nodding.It is true, that makes sense, he said. Thus firms would be able to demonstrate that they act in accordance with the rules, without disclosing all the information about their business.
Exactly.
A bank might authenticate that it is not below the regulatory standards without disclosing customer sensitive information. Without setting out the complete agreement, a company could check a contract condition. Even people were able to deal with financial systems without sharing their personal past with the entire world.
The further we discussed it, the more it seemed to be an incomplete blockchain puzzle. The industry over the years had been interested in speed, scalability and decentralization. All those are significant, yet something less noticeable is required in the real-life application as well discretion.
The other interesting aspect of Midnight design is the way in which it separates its public and the private layers. The principle token, which is called NIGHT, is visible and transparent on the network. Simultaneously, when it is held, it creates something referred to as DUST, to execute personal smart contract processes. The privacy work is in the background, and the primary system is visible and traceable. It is a sensitive compromise, which attempts to honor both the openness and the secrecy simultaneously.
Our conversation was going on but the cafe gradually began filling with guests entering it as a result of evening rainfall. The subject matter again changed, however, the little conversation remained with me later. It is not always necessary to read some technical explanations and complicated diagrams to get a better insight into new technology.
It is sometimes by simply asking a question. To be part of the real life, blockchain has to work like the real life works. People require a sense of trust but they also require privacy. They must have openness here and shelter there.Midnight Network appears to have the sense of balance that most projects which attempt to tackle the same issue do not.
Perhaps, that was what made the thought linger in my mind even after the cups of coffee had been drained and the meeting was finished. There is a time when technology does not lie in making everything visible.In some cases it is about knowing what really should remain secret.
@MidnightNetwork #night $NIGHT
{future}(NIGHTUSDT)
Suppose blockchains are meant to be transparent, he said, how could anyone ever utilize them in a real company? It seemed to me that it was a very simple question at first but the more I considered it, the more I understood how significant it was. Transparency is something to applaud in the crypto circles. All transactions are traceable, all wallets can be examined and they all can be seen in the public ledger. To traders and amateurs, such openness is revolutionary.
However, in the case of actual business, this is quite the opposite. I would think about having a company that all the money that leaves the business would be seen by the whole world. Your rivals may know just how much you paid in terms of raw materials. They would be able to see your supplier relationships evolve as they happen. They would even be in a position to determine your profit margins by simply tracing transaction flows. No serious business would voluntarily conduct its business under such kind of exposure.
It was the time I recalled something I had just been reading about Midnight Network. Unlike viewing privacy as an aspect of everyday life as a suspect or something under wraps, Midnight tackles privacy as a matter of common sense or the daily routine. Due to thinking about it, there is already privacy everywhere around us anyway. The reason is that when you send a commercial email, it does not get read up by the whole internet. When a company makes a payment of salaries, those figures are not written on a billboard. But in its most pure state of blockchain technology, everything became public.
Midnight attempts to resolve that issue with what they refer to as rational privacy. It is an easy thing to listen to. You do not disclose everything or conceal everything, but just what is necessary. This technology is founded on zero knowledge proofs but the idea itself is disarmingly human.
Consider presenting your ID to the store during the purchase of something that is age restrained. The checkout attendant does not have to be aware of your address, height or the complete personal information. They need only to know this, that you are old enough. This is the same with rational privacy. It enables one to demonstrate a fact without revealing all the information under it.
As I explained this to my friend, he leaned back slowly nodding.It is true, that makes sense, he said. Thus firms would be able to demonstrate that they act in accordance with the rules, without disclosing all the information about their business.
Exactly.
A bank might authenticate that it is not below the regulatory standards without disclosing customer sensitive information. Without setting out the complete agreement, a company could check a contract condition. Even people were able to deal with financial systems without sharing their personal past with the entire world.
The further we discussed it, the more it seemed to be an incomplete blockchain puzzle. The industry over the years had been interested in speed, scalability and decentralization. All those are significant, yet something less noticeable is required in the real-life application as well discretion.
The other interesting aspect of Midnight design is the way in which it separates its public and the private layers. The principle token, which is called NIGHT, is visible and transparent on the network. Simultaneously, when it is held, it creates something referred to as DUST, to execute personal smart contract processes. The privacy work is in the background, and the primary system is visible and traceable. It is a sensitive compromise, which attempts to honor both the openness and the secrecy simultaneously.
Our conversation was going on but the cafe gradually began filling with guests entering it as a result of evening rainfall. The subject matter again changed, however, the little conversation remained with me later. It is not always necessary to read some technical explanations and complicated diagrams to get a better insight into new technology.
It is sometimes by simply asking a question. To be part of the real life, blockchain has to work like the real life works. People require a sense of trust but they also require privacy. They must have openness here and shelter there.Midnight Network appears to have the sense of balance that most projects which attempt to tackle the same issue do not.
Perhaps, that was what made the thought linger in my mind even after the cups of coffee had been drained and the meeting was finished. There is a time when technology does not lie in making everything visible.In some cases it is about knowing what really should remain secret.
@MidnightNetwork #night $NIGHT
{future}(NIGHTUSDT)
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