Why Web3 Privacy Matters

Secret Network
November 5, 2023

“Information doesn’t want to be free—people do.” — Cory Dictorow

A better, more empowering web for all: that’s the promise of decentralization and blockchain technologies. But while we’re all busy building new protocols, apps, and blockchains, there’s one thing we seem to forget: privacy. And in the process, we might be building something even worse than what was before.

Here, we’ll explain why blockchain privacy—being able to decide what you share—is a crucial piece of building Web3, what’s at stake, and why now is the time to intervene.

Why is privacy important?

We can best answer this question is by illustrating what happens if you don’t have privacy.

Imagine what would happen if you walked into a bar and everyone would automatically know everything about you. Including your name, where you grew up, how much you earn, what’s in your bank account, and all of your Google searches.

Without the option to keep secrets, you’d have no way to control what others know about you and how they use that information.

Banks could withhold you a mortgage because you’re having trouble at work. A health insurer could charge you more based on your Google searches. Criminals would know about your assets and where they’re stored.

Being able to choose what we share gives us the freedom to act and express ourselves without fearing repercussions. It allows us to experiment and reinvent ourselves, and to be open and genuinely connect with each other.

Privacy is essential if we want to keep growing and innovating—both as individuals and as a society.

Web3 privacy, the decentralized web, and the mistake we’re making

Blockchain technology empowers online users. By dismantling online monopolies and making users and creators co-owners of their platforms, we can build a more community-governed and user-centric Web3.

But right now, almost all blockchains are public by default. Every one of your transactions is visible on a public ledger.

And with the rise of blockchain data analysis, more KYC requirements, and the increased use of centralized exchanges, it’s becoming easier and easier to connect a user’s identity to their wallet address.

For smart contract platforms, these Web3 privacy issues are even bigger than for purely transactional blockchains. As you’re not just revealing your balance and transactions—you’re revealing every one of your interaction on every platform. It’s like having all your Facebook data, Uber rides, Google searches, and emails public—all in one place.

Imagine living in a house with glass walls and no curtains. Everyone can see what you own and what you do. That’s exactly what can happen when you use a public blockchain. And because the blockchain is immutable, what you do becomes a part of your history—forever.

Our mission

We have the opportunity to reverse this trend and to build a decentralized web that truly empowers everyone. But we need to act now! We’re laying the foundations for Web3, and we can make sure we’re building it the right way.

Our goal at Secret Network is to give everyone the choice of what they share by building the Web3 privacy hub.

We use smart contracts that keeps user data private by default, all on a permissionless blockchain that’s built for interoperability with the Cosmos ecosystem and many other blockchains.

We’ve been building on mainnet for over two years and have seen a growing number of apps launch on our platform, 135M+ in total locked value, and over 200k unique addresses. And this is just the start!

Want to know more?

There’s a reason why we’re one of the few tackling Web3 privacy issues, and that’s because it’s tough. But it’s a problem worth solving.

Want to know how Secret stays secret? Check out our About Secret Network page to discover all of our secrets 🤫 Read about our tech stack, how Secret Contracts can be used in DeFi, gaming, and the arts, and standards we developed like Secret NFTs and Secret Tokens.

Check out:

https://www.youtube.com/embed/PQCrANO5ITw?enablejsapi=1&origin=https%3A%2F%2Fscrt.networkInterview with Secret Foundation Founder, Tor Bair, for Okcoinhttps://www.youtube.com/embed/gYxS13ih6y0?enablejsapi=1&origin=https%3A%2F%2Fscrt.networkInterview with SCRT Labs CEO, Guy Zyskind, for CoinGecko


Become a Secret Agent

We need your help to make our vision a reality. That’s why we’re welcoming anyone to become a Secret Agent and join our community of Web3 privacy advocates.

You’ll get to meet talented Agents and Leads, learn about Web3 and privacy, and earn bounties and exclusive Agent swag in return for your hard work.

Let’s build a privacy-preserving web right NOW, not when it’s too late.