Cryptocurrencies and Privacy: A Closer Look at the Reality

[issimos]

At the beginning of my journey into the world of cryptocurrencies, I was always told that blockchain and cryptocurrencies ensure decentralization, privacy, and user identity protection.

But after several years, I have come to the conclusion that blockchain does not ensure privacy and user identity protection. On the blockchain, data is very visible to everyone. For example, one can see and trace a person's transactions. There are certain blockchains and tools developed over time that even allow the identification of the owner of a wallet and the author of transactions. All this compromises user privacy.

Even though several crypto projects have recently emerged with solutions to protect user data and ensure their privacy, I remain skeptical. For example, Mystiko Network, supported by exchanges like Bitget, has introduced its universal ZK SDK aimed at ensuring user confidentiality and privacy. In your opinion, can these projects succeed?