XRP To Become A Privacy Coin?
Ripple has been working really hard to boost its XRP ecosystem and also to push the adoption of the digital asset XRP.
As you probably know by now, anonymity and protection of data are essential features in 2020. These two factors are becoming more and more important for the population all over the world.
The vulnerability of centralized systems
The recent Twitter hack showed the fact that centralized systems are extremely vulnerable.
We’re working with impacted account owners and will continue to do so over the next several days. We are continuing to assess whether non-public data related to these accounts was compromised, and will provide updates if we determine that occurred.
— Twitter Support (@TwitterSupport) July 17, 2020
Ripple analyzes research into anonymity
Ripple reportedly analyzes anonymity features on the XRP Ledger.
Crypto News Flash online publication notes that in a post on the Ripple Blog, Stefanie Roos, assistant professor at Delft University of Technology in the Netherlands, said that people believe that Bitcoin offers enough anonymity, but the reality is very different:
“Because you don’t have to enter your real name, people believe that Bitcoin is very privacy-preserving. But when someone keeps reusing the same information, it’s possible to track everything they do. If you can link that profile to a real person, then you can see all their activity.”
The same online publication mentioned above also makes sure to highlight the importance of data protection in today’s world.
Ripple believes that public blockchains with secure anonymity functions are the future.
“Think of systems where anonymity is temporal. You get privacy for the time that you need it. If you want to have transparency, later on, you can reveal the relevant cryptographic keys to demonstrate that you complied with regulatory requirements, show off your high-quality suppliers or to prove a patent case,” according to Roos’ notes.
It’s been also revealed that Roos herself and some of her students are researching anonymity on the XRP Ledger via the Blockchain Research Initiative (UBRI).
Check out the complete notes in order to learn more details.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.