In fact, privacy coin Monero caught the eye of the IRS in 2020, when the government agency offered a $625,000 bounty to contractors that helped trace its transactions. While opt-in identity and transaction protection bring blockchain technology closer to cash and traditional finance, enhanced anonymity in an already opaque space could intensify heat from regulators. The Secret Network and its Secret NFTs support both private and public metadata - a programmable privacy experience that the company touts as game changing in various use cases, including private galleries, adult content, exclusive or paywall media content, ticketing, and IDs and passports.Īs private coins protect a user's identity, so would private NFTs protect artist and collector identities, should they choose to do so. Privacy coins are a bit more established, with assets like Monero, Zcash, Verge and others offering users a level of privacy that assets like bitcoin, built on blockchains that record transactions publicly, do not. Transactions on a blockchain need to be transparent so that everyone can verify that they are correct." Aleo's zero-knowledge proof cryptography attempts to eliminate that limitation, and Galaxy Digital and Coinbase Ventures also made a bet on it, participating in the same funding round as a16z, the venture capital powerhouse founded by Marc Andreessen and Ben Horowitz. In a post earlier this year detailing a new investment in data privacy start-up Aleo, they wrote: "These limitations exist because trust requires verification. Investors for a16z, Katie Haun and Ali Yahya, recognized this transparency aspect of blockchain as one of the big limitations for smart contracts.
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