- Aztec co-founder discussed the future of Web3 privacy after tornado cash sanctions.
- He also stated that the Tornado Cash Ban would be seen as an act of “self-harm.”
Zac Williamson, who is the co-founder of Aztec Network, talked over the future of Web3 privacy. He shared his thoughts after the U.S. government sanctions adverse Tornado Cash. The tornado cash is a mixer, which distorts the tracing of crypto transactions.
What does ’Zac’ discuss on Web3 Privacy?
The Aztec co-founder shared his thoughts by saying, “future networks could be consistent with the goals of regulators while protecting user privacy, but will not conform to existing regulatory structures.” While he thinks the regulators adopted the wrong way to sanction tornado cash.
Zac, shared the details over a lengthy Twitter thread. In which he added, “A forward-thinking government would consider directly issuing base money onto networks like Ethereum.” He further cited that in the present tornado cash sanctions system, hackers would even use tornado cash or a clone.
In light of the TornadoCash ban, I have some thoughts on the future of privacy networks that I would like to share with you all.
Despite the dark circumstances of the present, there are grounds to be optimistic about the future for web3.
A short
— Zac Williamson (@Zac_Aztec) August 16, 2022
He also shared about his project research as ““many projects in this space build on my research and draw from the open source cryptographic algorithms I have written,” he said.
Zac’s Belief on Regulation in Web3
According to Zac, the privacy network can be categorised into four types: Private by default; Fully decentralised; User-side compliance; and Open and programmable, in upcoming years.
In addition, Zac also notified that “Continuing down the path set by the Tornado Cash ban will prevent compliant networks from being built at all as [a] legitimate use of these networks is extinguished by fear and uncertainty.”
On Tornado Cash sanctions, Zac said, “The Tornado Cash ban will be seen as an act of self-harm that limited the US from reaping the wealth and job creation produced by this revolutionary industry.” Furthermore, he added, “the state can claw most of this power back working with the good-faith actors in Web3 to create a new regulatory framework that acknowledges the status quo has changed.”
Source: https://www.thecoinrepublic.com/2022/08/18/aztec-co-founder-on-web3-regulation-after-tornado-cash-sanctions/