Hello fam,
As titled, apologies in advance for my snowball question - I am curious if it is possible (via official wallet app) to send your personal security info (name, address, etc. anything that a fiat card would carry/have access) within or along with the transaction block? If so, could we make this as an optional feature for users during the transaction?
This is coming from how regulators are looking to find ways to track the crypto transactions as it enters the market of a nation from your personal stash, for example. I personally think privacy option to remain anonymous should be always the default to support the sentiments of decentralization, but also being able to send your info should be an available choice as well, if applicable.
Everything written on the blockchain is completely public.
You can write arbitrary text in the “note” field of any Algorand transaction and thus you can add these personal information. But anybody on the Internet would be able to access those informations, not just the regulators.
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Interesting… So it really is up to the user’s ethical choice to reveal it, which arguably makes the argument of governments using CDBC and even possibly forcing citizens to use it than other cryptos in the market, stronger? (to use crypto as SoV like gold, sure, but to actually utilize it in the govt regulated markets in any industry, they would force you to convert into/use CDBC) What’s your take?
My personal take here is that a public blockchain should not limit or force a specific usage pattern, but rather allow ( support ) multiple pattern, and let the application layer to handle this.
If a government / CDBC decide they would want to have their own private network, they could enforce additional restrictions.
Note that in general, I think that adding the “identifying params” on the public blockchain is a bad idea. Instead, I would suggest placing a metadata that could “unlock” the underlying identity by using a separate, ( and secure ) service.
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