Wednesday, May 29, 2024

The anonymity culture in cryptography may be fading.

The cryptocurrency was founded on the principle of decentralization and anonymity but as crypto expands, anonymity is now lower in priority. Many new users are using their real identities and this phenomenon can be concerning for some.

Most users of BTC have not revealed their real identities and even the founder of Bitcoin, Satoshi Nakamoto remains anonymous to date. Using digital currency with aliases has been the norm to promote equality and democracy in the DeFi space.

But as NFTs and DeFi get more popular, companies are increasing the ante and making more efforts to keep the space anonymous. Recently Oxngmi the founder of Llama, a DeFi analytics dashboard but a bounty on his own name. He said whoever could uncover his identity and tell the process shall receive 1 ETH.

As of now the identity still hasn’t been revealed and he has also released a guide on “How to stay anon”. This is a collaborative work in which other people can also contribute.

Another anon account called DeFi edge has remained anonymous over the years and has gained a massive Twitter following. With the industry pushing for Web 3.0 the call for anonymity has been growing stronger.

Although newer users are using their real names for DeFi experts suggest against doing so. Due to the decentralized nature of the blockchain, it is best to remain anonymous so that some users don’t gain too much influence over others.

If you have been planning to get into the crypto space then doing it anonymously is the best way to go about it.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular