The term “crypto” means “secret”. However, some authoritarian governments around the world have abused this fundamental characteristic of cryptocurrency and blockchain technology to their advantage.
Cryptocurrency-fueled finance has recently seen increasing popularity. This period coincided with less confidentiality and anonymity, with unethical, harmful and dangerous dimensions slowly emerging in tandem.
Case study: El Salvador
El Salvador President Nayib Bukele is the latest autocrat to turn to crypto with a suspicious motive. While claiming that more than 6 million people in El Salvador are without banking services, he announced that he wants the country to embrace Bitcoin. In a pre-recorded video shown to the 12,000 attendees of the Bitcoin Miami conference, he said he introduced a bill to be passed on to the country’s legislature to make bitcoin legal tender in El Salvador.
Specifications at the time of the announcement were scarce – a transcript of the bill was not readily available – although Bukele sold the move as a way to include its citizens in finances and push them in the right direction.
Many experts aren’t too sure about this, however.
A millennial autocrat
Even with his popularity on social media, Bukele’s bossy ways are well documented. His governing tactics have raised concerns internationally. He sent armed soldiers to a legislative seat to seek approval for a loan. He led efforts to remove five magistrates who opposed his Supreme Court policies and even forced the country’s attorney general to leave the legislature.
Blockchain’s privacy and anonymity could be a blessing for executives and governments who wish to exploit it for personal vendetta. This risk has become greater since dissidents have turned to crypto to escape authoritarian rule, while organizations like Chainalysis provide such information to governments.
Is the blockchain still secure?
What does Railgun do?
Railgun is a smart contract system that keeps zk-Snark confidential to any smart contract transaction or interaction on Ethereum. Users will be nowhere to be found when trading, using leveraged platforms, or adding liquidity to any Ethereum application.
Is the Railgun safe?
Railgun ensures confidentiality and anonymity. It allows traders to trade and transact with stable coins and other popular tokens with the highest level of privacy. It offers the same level of confidentiality as cash transactions.
This feature is useful in many situations: Professionals, such as lawyers, can ensure attorney-client confidentiality in their billing. Railgun also protects traders from scouts who copy their investments and strategies. People who wish to escape restrictive regimes can also safely move their assets without notifying the government.
The Railgun code has been audited by several reputable auditing companies and crypto auditing organizations. It also uses well-known libraries. This is Railgun’s seal of quality to its users.
Every good innovation has its vulnerabilities; blockchain is no exception. As technology improves and new problems arise, noble individuals and groups also face the situation. Railgun aims to address the blockchain privacy abuse that has become a plague within the current blockchain infrastructure.
Learn more here