Would you openly share your entire financial history?
If your answer is no, then you should avoid transacting with non privacy focused cryptocurrencies. Even though internet came with a strong privacy focused culture, we are now living in an age when some of the most successful internet business models involve trading personal information and user insights. In a future when mass adoption of non privacy focused cryptocurrencies occurs, the transaction history of people’s finances will be accessible to anyone with the technical capability to reveal it through blockchain analysis.
As soon as they manage to match an ID with a cryptocurrency address they can start unravelling the ID’s entire transaction history.
Albeit cryptocurrencies entered our lives with the promise of financial freedom, we are at risk of giving up one of the last bits of privacy we still keep safe and away from prying eyes.
Thankfully, there are a lot of projects already trying to upgrade the level of privacy in transactions, but since blockchain technology was still in its early iterations when they were designed, they have several weaknesses that still need to be improved. Our way of doing our part for this cause was to start working on our own modern solution called pEOS.
pEOS is a smart contract implementation of a privacy token, based on the technology that powers the anonymous cryptocurrency Monero, which is capable of running on top of EOSIO software. It allows private and untraceable transactions of, its EOS-based token, pEOS, among EOS users.
Before EOSIO enabled developers to utilize system level languages like C++, the development of highly complex smart contracts like pEOS was almost impossible.pEOS_whitepaper_rev1_1