But the distinction still draws comparisons to THORChain, given that privacy protocols frequently face criticism for potentially enabling illicit activities.“Critics often claim that privacy-focused projects enable crime, but in reality, protecting financial privacy is a fundamental right and a cornerstone of decentralized innovation,” Chen Feng, head of research at Autonomys and associate professor and research chair in blockchain at the University of British Columbia’s Okanagan Campus, told Cointelegraph.“Technologies like ZK-proofs and trusted execution environments can secure user data without obscuring illicit activity entirely.
Source: Coldfire/Dune AnalyticsA truly decentralized platform’s strength lies in its neutrality and censorship-resistance, which are foundational to blockchain’s value proposition, according to Rachel Lin, CEO of decentralized exchange SynFutures.“The line between decentralization and responsibility can evolve with technology,” Lin told Cointelegraph.“While human intervention contradicts decentralization’s ethos, protocol-level innovations could automate safeguards against illicit activity.”Related: From Sony to Bybit: How Lazarus Group became crypto’s supervillainTHORChain collected at least $5 million in fees from these transactions, a windfall for a project already struggling with financial instability.
The goal is to strike a balance: empower users with privacy while ensuring the system has built-in safeguards to discourage and trace illicit use.”Lin of SynFutures said continued illicit use of decentralized protocols would “absolutely” lead to drastic measures from authorities.“Governments will likely escalate measures if they perceive decentralized protocols as systemic risks.
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