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Privacy in Web3: From a Glass House to a Stone Fortress
- Privacy has been a pressing issue in Web3, especially for serious projects like decentralized exchanges or financial applications.
- Web3 initially operated on transparency, but as usage grew, the need for privacy became evident.
- Projects like Bitcoin introduced methods to enhance privacy, such as mixers and CoinJoin services.
- Web3 applications like decentralized exchanges and DAOs expose all data publicly, leading to privacy concerns.
- Seismic is a new blockchain with privacy integrated into the protocol from the start.
- Seismic utilizes Trusted Execution Environments (TEEs) to ensure data privacy and confidentiality.
- Seismic aims to simplify privacy for Web3 developers by offering built-in encryption and security technologies.
- Seismic raised $7 million in seed funding and is seen as a promising solution for private decentralized applications.
- Other projects like Aztec, Secret, and Oasis are also addressing the privacy issue in Web3.
- Seismic's approach combines privacy and full smart contract functionality without external add-ons.
- Seismic's privacy features can enable various use cases, from financial transactions to storing medical records securely.
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