Okay, let's be real. Aztec’s public testnet launch, 8 years in the making, is a momentous occasion. A really big deal. Everyone's talking about "programmable privacy" and how it's going to revolutionize everything from finance to gaming. And of course, a16z is backing it with so much cash it seems like they’re building it to give away. But here's the hot take you didn't see coming: Could Aztec's privacy actually kill the fun?
Privacy: Good for Business, Bad for Memes?
I know, I know. Privacy is essential. We need it. Particularly when even the best institutions begin to venture further into crypto. That’s not very exciting if they can’t promote their every move, am I right? It's good for business! Here's the thing: Crypto, at its heart, is a chaotic, messy, glorious free-for-all. We know League is inherently built on transparency, which can be both a blessing and a curse. That transparency creates drama and fuels speculation. It creates millions of amazing memes and provides unfiltered joy—keeping all of us riveted to our screens.
Think about it. How many of those viral crypto moments originated from unsheltered trades? Rug pulls, insider trading accusations, public spats between founders — these stories keep the crypto drama alive. These scandals lead to some of the best memes and most entertaining drama, dominating Crypto Twitter for weeks! Would any of that have come to pass if all of that had been under ZK-rollup-powered secrecy?
Aztec uses encryption at the protocol level. This gives us a cryptographically secure method of storing private information on the blockchain. That's great in theory. What of the artistry born from that anarchy?
Provenance — the history of ownership — is incredibly important for the value of digital assets. It helps define the narrative arc around them. What do you do if you can’t identify the source of an NFT? What are the implications when it is impossible to determine who the buyer or the seller is? You lose the opportunity to discover any nefarious backroom deals that may have taken place.
Will Privacy Kill NFT Art?
Your Bored Ape just leveled up from a neat JPEG to a participant in a much larger real-world drama. Its backstory is as dark and interesting as a mini-series on the lifetime network! Imagine the Beanie Baby craze, or the tulip mania, or the South Sea Bubble. All powered by transparency (or, let’s be honest, the guise of transparency) and FOMO.
If all this is behind closed doors, can NFT art even be the great equalizer and social commentary that it could be? After all, can you truly stick it to the man if no one is able to see you doing so?
Okay, hear me out. I’m not arguing that we should accept scams and rug pulls. The blockchain’s transparency does help create at least some (imperfect) accountability mechanism. When everything is transparent, the bad actors are at least more likely to get caught in the act.
Is Crypto Drama Actually Necessary?
Zac Williamson, co-founder of Aztec explains that blockchain privacy doesn’t need to be an “all-or-nothing” proposition. What if it kind of does? What if crypto’s thrill is really about the promise of outsized profits, and jaw-dropping losses, appearing at lightning speed? Ironically, this excitement might be due in large part to its built-in lack of privacy.
This isn’t only concerning memes and art, it’s discussing the heart of crypto itself. And are we really ready to lose space exploration’s free-spirited vibe? Or will we allow institutional adoption and regulatory compliance to call the shots first? Are we ready to swap some order for some disorder?
A little bit of drama might be all it takes to make crypto great again. It can help make the space relevant, engaging, and fun! Perhaps, privacy isn’t the all-purpose answer to every concern of ours. Now, let the outrage commence. I'm ready for it.
Maybe, just maybe, a little bit of drama is exactly what crypto needs to stay relevant, to stay engaging, and to stay fun. Maybe, just maybe, privacy isn't always the answer. Now, let the outrage commence. I'm ready for it.
