Opinion: Web3 surveillance substantiates the necessity of on-chain data ownership
Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views and opinions of crypto.news’ editorial team.
Blockchain technology is known for its transparency, as every transaction can be seen by anyone. It’s like living in a glass house, where everything is visible. However, this level of openness can also be a drawback. It’s similar to the early days of the internet, where information was freely available and our online activities were tracked without our knowledge.
Blockchain’s transparency allows anyone to observe our digital actions, including our financial data. While this transparency is a key feature of blockchain’s reliability, it also exposes users to more scrutiny than they may have anticipated.
Blockchain was supposed to revolutionize the way we control our digital presence. However, as technology advances, there is a need for a middle ground that offers a transparent yet controlled digital environment.
This new level of transparency in blockchain comes with certain risks. The visibility of transactions can make users vulnerable to targeted phishing attacks, where scammers exploit transaction data to deceive people.
This vulnerability goes beyond individual privacy concerns and threatens the decentralized ethos of web3. The promise of a decentralized future was built on empowering users and ensuring security. However, excessive transparency could inadvertently centralize power in the hands of those who know how to exploit it.
To address these challenges, on-chain data ownership is a crucial solution. It allows users to actively control their digital presence, deciding what information remains visible and what stays private. By giving users control, on-chain data ownership tackles the issue of surveillance and ensures that blockchain remains a tool for empowerment rather than just a public ledger.
Empowering users to control their data and transaction visibility strikes a balance between necessary transparency and user autonomy. This can be achieved through privacy-enhancing protocols or selective disclosure mechanisms that allow users to share specific transaction information while keeping other details private. These capabilities preserve the transparency and trustworthiness of the blockchain without compromising user autonomy.
Vitalik Buterin, a prominent figure in the blockchain world, also emphasizes the importance of privacy and regulation in blockchain. He suggests that not everything on the blockchain needs to be publicly visible; there can be a middle ground. By using digital cloaks, users can show only the necessary information on the blockchain without revealing their entire life story. This approach ensures privacy while maintaining legitimacy and transparency.
We are at a crucial point for blockchain technology. While blockchain has been successful in providing transparency, it may have revealed too much. We need to decide whether we want to stay in web3, where users have control over their data, or enter web4, where data appropriation becomes prevalent again. Empowering users through data ownership in web3 is the clear answer.
It’s time for users to take control and decide what they want to show and what they want to keep private. Users are not just passengers; they are the drivers of the blockchain train. Blockchain can be a place where everyone enjoys the view without worrying about who is watching.
About the author:
Matan Almakis is the Head of Protocol at DOP. He is actively contributing to the movement of data ownership in web3. With his background in driving growth at Lamina, Matan now leads DOP’s product architecture, empowering web3 users to share their data according to their preferences. He believes that encrypting sensitive financial information on-chain is a fundamental human right and emphasizes the importance of data ownership for the mass adoption of web3. Matan is dedicated to leveraging blockchain technology to address real-world challenges with a focus on human-centered solutions.
