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Private blockchains. Imagine a crime cartel with a private blockchain. Obviously they are not KYC. You can withdraw funds from the cartel, or pay for cartel ser
by Communitivity 4y ago
Private blockchains. Imagine a crime cartel with a private blockchain. Obviously they are not KYC. You can withdraw funds from the cartel, or pay for cartel services with the coin.
Ironically, a version of this was in private fiat currency - the coins in the John Wick movies were used this way.
- t-3 4y agoThat's still a traceable blockchain though, just privately kept. As soon as you start keeping a ledger, you make transactions traceable. With a single or low number of ledgers, network analysis becomes easier the more heavily each actor uses the currency as well, compromising anonymity.
- aliqot 4y agoPrivate blockchain is a term that refers to blockchain tech that does not divulge balances and transaction history without being a signing party to that transaction or without a delegated 'view' key created by the keyholder for the purposes of the audit. It's a confusing term which should have a better name, I agree. For an example, most cryptonote networks function this way unless they have explicitly damaged or disabled the functions responsible, like in the case of Electroneum.