Tectum SoftNote is the most efficient privacy solution in Web3 at this point. This blockchain wallet proves that we understand that safety includes anonymity, not just password protection. It is also shocking, especially in an era of digital dictatorship where governments are using AI to track and monitor people.
This article will outline how Tectum SoftNote ensures user privacy. It will also emphasize how this feature contributes to additional security.
Digitalization is one of the best things to happen to humans in modern times. It makes it easier for people to access public goods and creates more opportunities for the average person. However, it is rather sad that governmental institutions decided to exploit this technology to outrightly rob people.
It was almost like governments (especially democratic governments) had some secret meeting and decided to take this path. Within a few years, leaders of different countries have introduced Draconian laws to guard online practices.
The UK government passed a bill demanding crypto trading platforms to provide details of users. Not long after, the Nigerian government detained a Binance executive and made similar demands. Even the American government is asking people to pay taxes whenever they receive gifts and make profits from digital assets.
Oh, the absurdities are not limited to just blockchain and cryptocurrencies. For those who think it does not affect them, it is just a matter of time. The UK government is also working with e-commerce stores to get details of traders. They want these individuals to pay taxes on the profits of whatever they sell on such websites or apps.
This means that you have to pay taxes if you sell a used item on Olio or Facebook Marketplace. More so, they are not concerned about if you are making a loss or gain from this sale. Many people already argue that this is double taxation, as people typically pay taxes on items they buy.
The government’s actions beg the question of how they can ascertain how a merchant makes a profit or loss. It is almost certain the government will introduce a fixed percentage for everyone or create bands or groups.
If you look at the instances mentioned above, you will notice the authorities are focused more on gathering information. The reason is that they want to build profiles of people who trade cryptocurrencies or sell products on e-commerce platforms. But, why is this crucial for digital dictatorship? The answer is simple – the government wants to build digital profiles.
A digital profile consists of every possible information about an individual available on the internet. The details include their personal characteristics, behaviors, affiliations, connections, and interactions. With this data, governmental institutions can predict possible user behavior and make decisions.
For a better understanding, think of it like buying a gift for your niece or nephew. You will ask questions like their clothes size, shoe size, hobbies, and areas of interest. This will help you figure out the type of gift he or she will love and appreciate.
In itself, electronic profiling is not bad. However, the authorities have shown that they do not have good intentions. Instead, they are hell-bent on squeezing out every single penny from the common man. Unlike you and your niece or nephew, their intent is not to get you gifts.
Electronic profiling is possible because people have their information scattered all over the internet. As you navigate the World Wide Web, you leave digital footprints that can be traced back to you. This ranges from minimal actions like accepting a cookie to signing up.
Most online platforms typically demand that people sign up before accessing their products or services. Most people do not realize the impact of divulging information while creating an account.
In recent times, certain websites allow individuals to sign up by connecting their Google, Facebook, or an existing digital profile. While this may look seamless, it does not change the impact and effect of sharing private information.
With the advent of digital dictatorship, it has become evident that less is best. In simpler terms, people should be able to access products and services without sacrificing privacy.
However, most of these companies are unwilling to take this route because they mine user information. It is no longer news that corporations sell people’s details to advertising firms or use them for internal advertising.
Several organizations typically defend their actions by stating that they need to know their users to deliver “personalized services”. However, the problem is not about delivering customized solutions. The issue is how these companies violate user rights in many ways without the people knowing how they are being abused.
If these firms want their customers’ best interests, there is a technology that is a perfect solution – Zero-Knowledge proofs. This technology allows two parties to communicate without sharing the actual information. It is like saying something without actually saying it.
For a better understanding, let’s use your driving license application as an example. One of the requirements for getting this permit is being 18 years or older. If the government uses a ZKP protocol, they can check if you are up to the required age without knowing your exact age.
The system will randomly choose years of birth that meet the timeline of 18 years and above. If your birth year meets these requirements on multiple occasions, it automatically proves that you are of the actual age.
Another example is losing your watch and someone else finding it for you. Instead of telling them your watch is a Casio G-shock, you give non-particular details about the watch. You can state that it is an expensive watch that is durable, simple-looking and is the product of a famous brand
. The example above is just an insight, as zero-knowledge-proof protocols are far more technical and complex. The authentication also eliminates the incidents of luck by greatly reducing the probability of giving the correct responses with each authorization. Tectum SoftNote utilizes the protocol as it ensures privacy and prevents abuse of basic human rights.
While Zero-Knowledge Proofs efficiently ensure user, Tectum SoftNote is working towards a more seamless method that enables privacy. The team is creating a no-KYC system, whereby people do not have to prove their identity.
Instead, we will focus on digital trust, especially security, privacy, and ethics. Think of it like the ratings on an app store, where games and applications with the highest ratings get more visibility.
Users will regulate the system by rating each other, and those with lower ratings will drop lower on the ranking. Individuals who get very low ratings will stand the risk of losing their accounts. Furthermore, they may not be allowed entry into the system to open new wallets.
