Privacy For Web3

From Web2 to Web3

The Web2 revolution brought applications and services to users never seen before including Social media, cloud storage, web-hosting, fast video and text communication, secure instant payments, and a plethora of other solutions. Blockchain, first initiated for solely P2P transactions, removed middlemen from the Web2 equation bringing even better possible solutions to users; but only for financial applications. Ethereum and other smart contract platforms are now establishing these same P2P blockchain transactions but then for web2 applications - Web3 is here. In Web2 users had a guaranteed type of privacy, your neighbor doesn't know which photo you stored on Dropbox or how much money you have in your bank account. This same privacy, however, is not guaranteed in Web3.

Pseudonymous ≠ Private

Privacy on public blockchains is fragile as once someone knows your wallet address they can see every single move you make. KYC regulations and off-chain data analysis make it so this pseudonymous nature of blockchain technology is almost never reached. Once your identity is linked to your wallet address everything is visible, not only your balance and all past & future transactions. But with the rise of Dapps your on-chain insurance, debt positions, social media presence, art collection, digital identity, and everything else might be public as well. Using public blockchains removes your right of expression as you can no longer willingly share private details - this hampers innovation and can be a danger to anyone's professional career and personal life.

Privacy Enables

Secret Network offers users and developers privacy by default allowing everyone to share only the data they want to. This is the case for data of every application you use on the Secret Network blockchain, not only financial applications. Privacy for blockchain brings encrypted messaging, private data storage, Secret voting, encrypted art, collectibles, and digital identity, private auctions, Secret lending applications, and way more to the decentralized web - the true Web3 experience. There is no front-running/MEV on Secret Network due to an encrypted state and mempool and the Tendermint instant finality consensus. The privacy enabling Dapps are open to any type of user, company, institution, or large player as they can interact without the ramifications of having their assets publicly exposed. With viewing keys and permits any user can share their verifiable data with governments so that they comply with financial and other regulations.

Conclusion

In Web2 middlemen can take advantage of user data and by eliminating the middlemen public blockchain technology might have created an even worse situation. Secret Network enables users to take back ownership of their data and presents novel use-cases for builders on its private by default blockchain. Charging the truly decentralized web.
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Outline
From Web2 to Web3
Pseudonymous ≠ Private
Privacy Enables
Conclusion