Zero knowledge technology is like a VPN but for blockchains. It hides your identity and also what kind of transactions you have been doing. Along with that, it will also hide the amount that was traded and also the receiver of the amount.
At first, crypto was supposed to be like an open ledger book that had 100% transparency but later on, this became problematic. With regulatory bodies all over the world tightening their screws on crypto exchanges and blockchains in general, such a step became important.
The co-founder and CEO of Panther Protocol say that the public must be aware of these techs. He also insists that the zero knowledge tech should now be introduced to other DeFi spaces and why they are the need of the hour.
People and many skeptics have already raised objections to why there is a need for such tech when DeFi is supposed to be transparent. Oliver Gale says that it is due to the very nature of human beings.
People behave differently when they are under surveillance as compared to when they aren’t. He says that the tech will not be used to aid or abet illicit activities in any way. On top of this, he also says that this is a tool and just like how a gun is never on trial. It does not make sense to punish the tool instead of the users.
If you have been planning to get into crypto and DeFi, right now is the best time to do so. Because in some time these will be out of reach for most people.