The term “crypto” means “secret”. However, some authoritarian governments worldwide have abused this core feature of cryptocurrency and blockchain technology to their advantage.
Cryptocurrency-powered finance has enjoyed increased popularity recently. This period has coincided with less privacy and anonymity, with unethical, nefarious, and dangerous dimensions slowly emerging in tandem.
Case Study: El Salvador
El Salvador’s 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 screened to the 12,000 attendees of the Bitcoin Miami conference, he declared that he had outlined a bill to pass to the nation’s legislative arm to make bitcoin a legal tender in El Salvador.
Specifications during the announcement were scant – a transcript of the bill was not readily available – even though Bukele sold this move as a way to include his citizens in finances and nudge them in the right direction.
Many experts are not too sure of this, though.
A Millenial Autocrat
Even with his social media popularity, Bukele’s authoritarian ways are well documented. His governing tactics have raised concern internationally. He sent armed soldiers to a legislative seating to demand approval of a loan. He led the efforts to remove five magistrates who opposed his policies from the Supreme Court and even coerced the country’s general attorney out of the legislature.
Blockchain’s privacy and anonymity could be a blessing for rulers and governments who want to exploit it for personal vendetta. This risk becomes more significant since dissidents have turned to crypto to escape authoritarian rule, while organizations like Chainalysis provide such information to governments.
Is blockchain still secure?
What does Railgun do?
Railgun is a smart contract system that provides zk-Snark privacy to any transaction or smart contract interaction on Ethereum. Users will be untraceable when they trade, use leverage platforms, or add liquidity to any Ethereum dApp.
Is Railgun Safe?
Railgun provides privacy and anonymity. It allows traders to exchange and make transactions with stable coins and other popular tokens with the highest level of privacy. It offers the same level of privacy 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 copying their investments and strategies. People who want to escape restrictive regimes can also move their assets quietly without tipping off the government.
Railgun code has been audited by multiple reputable audit companies and crypto audit organizations. It also employs well-known libraries. This is the seal of quality from Railgun 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 rise to the situation. Railgun aims to solve the blockchain privacy abuse that has become a scourge within the current blockchain infrastructure.
Learn more here