Twitter’s collection of user privacy fined from privacy blockchain to Web 3 opportunity

Since last year, many people have been discussing Web 3, and even many blockchain projects have called themselves Web 3. In fact, many people do not understand what Web 3 is. Recently, Twitter has been arrested for collecting user privacy information a few years ago. Li was fined 150 million US dollars, which has become the focus of many people’s attention. Today we also happen to be talking about Web 3 in terms of privacy.

Web 3 is proposed relative to Web 2, mainly to solve the problem of high data walls set up by Internet giants in the Web 2 ecosystem. In Web 2, user data is stored on the giants’ servers. Naturally, these Internet giants can use user data to do business. A lot of things we can’t imagine. For example, using big data to calculate each of our preferences, consumption habits, etc., so as to carry out various promotions in a targeted manner, of course, using user data can also do some other things that are in the gray area on the edge of the law, and this time Twitter was fined 150 million, precisely because Twitter collected user data without explaining it to users, and pushed advertisements for users in a targeted manner. We can imagine that even the world-renowned Twitter can do this kind of thing, then Will the domestic Internet giants also do this kind of thing?

In fact, the privacy incidents that have been publicly reported in China in recent years are convincing incidents. Simply put, the company’s software can help business owners monitor the behavior of employees when they go to work, but employees are unaware of this. It also sparked public debate.

In the final analysis, in fact, privacy incidents, whether domestic or foreign, are gradually attracting attention. Due to the openness of data in Web 3, privacy computing and related projects have been concerned by top institutions such as a16z, coinbase, and binance since last year. These institutions have poured millions or even hundreds of millions of dollars to support the development of privacy blockchains.

Of course, privacy computing, privacy data protection, anonymous transactions, etc. are all emphasized in different directions. From the current point of view, the development of anonymous transactions and transfers may be hindered. This is also mainly related to network black and gray production and other issues, while privacy computing And user privacy data protection is the direction that these institutions are concerned about. The technologies they represent mainly include zero-knowledge proof, multi-party computing, trusted execution environment, etc. The investment of capital and the advancement of the project may be the mainstream privacy solution in the future.

In essence, whether it is privacy computing or privacy protection, in fact, in addition to privacy, the key point is that users also need to have the right to process and know their own data, which is the way to comply with the law. From the Twitter case, we can see in detail that Twitter was fined for using the user’s personal data “without the user’s permission”. Web 3 wants to solve the privacy problem, the first thing to solve is Regarding the permission of private data, only the use of data after the user’s permission is legal.

The problem of permission is actually relatively easy to solve for the blockchain. For example, if we use wallets to authorize our data, then first our data must be linked to our on-chain identity, and then we will communicate with us in DeFi. As with the authorization of assets, the authorized application party can obtain our data and apply it to provide services to users.

The authorization of private data is one aspect, and the other is the confirmation of people’s identity on the chain. Thecurrent identity-related sectors on the DID chain have not received much attention, so maybe in the future, Web 3 blockchain identity may become a concern The focus on the Web 3 chain also naturally drives the development of decentralized KYC and other fields, and then gradually realizes the transfer of the current Web 2 solutions to Web 3.

So in summary, we can see that, in fact, Web 3 has not yet achieved an overall outbreak, and its overall outbreak is also a process from point to line, and then to face, we go from privacy association to on-chain identity, and then to data Indeed, to the replacement of Web 2, there are actually many opportunities here. Even people take the successful application of Web 2, upgrade the technology, and then make a Web 3 application, so as to realize the comprehensive association of application to application and user data to user data.

This is like when we saw the fun of Web 2, we thought its short-lived success was a coincidence, but when people moved its mechanism to the blockchain and made a STEPN, they got investment from top institutions , Why is Web 3 suitable for the running incentive mode? In fact, it is its incentive mode, and this incentive mode is actually a process of confirming the rights of assets. When people distribute tokens through smart contracts, it also shows that Fair arrival.

In the past, whether it was DeFi, GameFi, or the Metaverse, people in Web 3 used encrypted wallets to log in, mint or swap, in fact, they were dealing with the assets owned by individuals. Similarly, now it extends to personal privacy data, People can also process their own private data in the Web 3 environment. It is up to them to decide whether they are willing or unwilling to share it with DApp applications, rather than using their own data without knowing it. The expectation of the ideal Internet.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/twitters-collection-of-user-privacy-fined-from-privacy-blockchain-to-web-3-opportunity/
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