The Inevitable Regulations and the Power to keep things to yourself

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Decentralization & privacy are the basis of Web3 IMO and it may seem as though privacy in the web3 cannot go with the unavoidable regulation coming considering the fact that Monero has been delisted in Australia and South Korea, there has also been a case when the IRS put a bounty of a whooping $650k for anyone who can track XMR transactions but with no tangible result.

For those of us who believe privacy is a human right and very important to the adoption of Web3, Secret Network has provided a solution with their private-by-default smart contract blockchain built to preserve privacy but offer the option of auditing the smart contracts if need be to mitigate the regulation constraints. I think this a reasonable compromise in providing usable privacy when the inevitable regulations eventually comes to the cryptospace.

Of course, not everyone will like such solutions but they are needed especially for the “bad actors” who cannot be named, and the notorious ruggers and hackers. Hate it or love it, regulations are coming and Secret has at least opened the doors for more solutions. What do you folks think?

submitted by /u/kindWildfowl396
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