In the race toward Web 3 financial privacy, Secret Network attracts backing from key players
In the real world — the world on which the global economy runs — we don’t expose every aspect of our financial activity in public. We want to be able to select which parties can access our financial data and under what circumstances — for example, our credit history or bank transactions. The problem with the blockchain world is that this financial privacy doesn’t really exist. This has led to pretty bad abuses, such as the practice of “front-running,” where a nefarious person can take advantage of you immediately after seeing your transaction on a public blockchain. What’s required is a real infrastructure improvement to this problem, for, without it, the crypto “Shangri-La” of “DeFi” (decentralized finance) will never have a hope of taking off.