Web3's Privacy Revolution: Breaking Boundaries in 2024

2024 could mark a pivotal shift towards privacy applications reaching non-crypto internet users.

The latest developments in the crypto market hint at privacy taking the forefront in the upcoming bull run. As Web3 progresses, addressing scalability and regulatory clarity, privacy remains a key priority.

2023 Insights: The Balancing Act of End-User Privacy

Significant investment in privacy technologies like zero knowledge proofs (ZKPs) and secure multi-party computations (sMPC) characterized 2023. Notably, zk technology research papers reached an all-time high, focusing on scalability solutions like zk rollups.

However, the focus is shifting towards applying these advancements to end-user applications. The importance of the right privacy in Web3 became evident. Striking a balance is crucial, as seen in controversies around projects like Arkham Intelligence and Tornado Cash arrests.

What to Expect in 2024

With last year's successes, privacy features are becoming integral to user-facing applications. Low-level applications, such as zk-attestations and selective disclosures, allow users to validate on-chain information without compromising contents.

Key Trends in 2024:

1. Privacy-Preserving Crypto DNS: Urgent demand exists for DNS systems preserving wallet activity privacy.
2. Private DeFi: Privacy developments can address issues like MEV in DeFi, enhancing price efficiency.

Privacy Goes Mainstreama

Thanks to 2023's privacy strides, Web3 adoption gains momentum. End-users will experience the value of Web3 through privacy-preserving DNS and private DEX applications, offering exclusive features.

2024 might witness the crossover of privacy applications to non-crypto internet users, akin to NFTs entering popular culture. This shift acknowledges the hard work invested during the bear market in 2023.