Today we are going to discuss what is privacy, the need for privacy, and how Libra is not a privacy friendly “Cryptocurrency”. Privacy Protection of personal data is of paramount importance in the world we live in. Our own personal data is used to make very important decisions throughout our lives. As such it can be used as a tool to exercise control over us. Personal data can be used to learn more about us and influence our decisions as well as shape our behavior.
Leaked personal data can do lifelong harm to our reputations or cause other harm to those affected such as identity theft. Privacy is a limit on power either by government or corporation power. The more anyone knows about us the more power they will be able to have over us. In the wrong hands, personal data can be used to cause us great harm.
With that let’s take a look into the company that is working on creating the Cryptocurrency known as “Libra”. Facebook demands user data in order to use their social media platform such as your Real Name, Email, Date of Birth, Gender, and your Phone Number. Yet they still seem to be lax on providing proper security for user’s information! Within the last 7 years Facebook has either allowed major hacks or allowed others to access private information of it’s users at least 4 times.
From 2012 to 2013 Facebook admitted to allowing Phone Numbers and Email addresses to be viewed by unauthorized viewers that exposing 6 million users. Then in October 2018 Facebook suffered a hack where nearly 50 million user’s had data stolen. Later in 2018, Facebook had 540 million user records left publicly viewable for months on Amazon’s cloud server. Finally, in April 2019 Facebook stated it unintentionally uploaded’ 1.5 million people’s email contacts without their consent.
With Facebook’s “Libra Coin/Token” Users will need to give Government Photo ID’s to Facebook’s Subsidiary as well as in many cases your passport in order to be given access to use said “Cryptocurrency”. Given how Facebook has been in the past by recklessly and incompetently treating their users and allowing said data breaches either through poor standards of security or simply with passive intent.
It is Possible Facebook may decide after you have purchased Libra coins to suspend or ban users from the platform (and Libra) due to political views. This happened most notably to many Conservative or non Liberal/Progressive users for simply holding differing opinions than what the “PC” culture holds dear.
How can any logical person legitimately feel safe using Facebook’s Financial platform given the above facts? We can’t One Answer is to simply not use Libra and look for other methods for transacting business that include privacy built into the core, and decentralize Power. One such project is known as NIX.
NIX is currently being built as an asset distribution ecosystem with security of information and privacy in mind. They don’t expect nor want any personal data. NIX starts with a series of strong “intra-chain privacy elements such as the NIX Ghost Vault and 2-Way Ghosting. Also, NIX is implementing a personal privacy library named the Ghost Protocol. With use of Zerocoin’s privacy proofs and paired with one time integrated Zerocoin addresses.
Combine this with a TOR network that offers OBFS4 Bridging and communication, elements from networking privacy to blockchain privacy are offered. Along with the Ghost Protocol, and atomic swaps infrastructure being developed to allow private transactions among different chains. This layer focuses on chain-to-chain private transfers via NIX Platform.
Facebook overseeing a project such as Libra and asking for our personal data once again raises a number of red flags for proponents of individual security and privacy throughout the world. Facebook has consistently demonstrated they are untrustworthy and incapable of protecting user data, user data they clearly do not need,.
Facebook’s “Libra” offering likely wouldn’t be the choice for a person who has all the facts in front of them. The ideal product would offer inherent privacy by not requiring personal information to function, promote democracy through decentralization, and therefore keep the power away from corporations and governments.
NIX is the solution which will provide all of these features and will continue to innovate as the needs arise.
Please visit for more information on NIX.
As well as visit the revolutionary NIX governance site.
https://governance.nixplatform.io/#/
I accept free will donations
nix: NYFqSxbBmwA39FNjgxTPEaa7HWMntQ9JN5
