Privacy in Telecommunications and on the Blockchain
The rising use and adoption of technology has come at the cost of privacy for the users. There has been watershed moments for companies suffering from hacks, social media companies collecting massive amounts of data on users and even your run of the mill everyday identity theft.
Horizon Communications is dedicated to protecting its users security and privacy, keeping a keen eye on ever advancing technology. At the outset cryptocurrency, utilizing tough encryption, wasn’t designed for full privacy, although the features are quickly coming.
Bitcoin’s network, for instance, has been in the public domain, with every wallet address and transaction visible to every person in the network. While such data may not contain much, transactions can be traced to specific IP addresses and expose the identities of the wallet owners. Other cryptocurrencies have identified this loophole and succeeded in creating privacy-centric cryptos.
Companies like Civic are building decentralized secure services that allows digital identities to be controlled by the individual, with secured release only of specific information to companies and vendors. This also allows KYC to be passed, at the users express permission, among companies.
Some such as the Dash coin, formerly Darkcoin offers more flexibility of either carrying out transactions either publicly or anonymously. Other cryptos are public or private by default. This feature, along with the speed with which transactions are carried out has caused this coin to gain popularity.
Adoption of privacy coins is on the rise. Monero, which is among the most popular privacy-centric crypto has listed more than 100 merchants and other users who are accepting this anonymous coin as a mode of payment. Privacy-centric cryptos are meant to be used to pay for even very low transactions, which results in more users and therefore, more value.
Transactions and user identities are impossible to trace. For instance, Monero makes use of ring signatures. Whereas a single signature is used for each transaction in other cryptos, several users sign when you transact in a Monero network, forming a ring. This obscures the source of the original transaction making it totally untraceable.
Transactions have become cheaper and much faster. Digital currencies have for a long time struggled with scalability issues. These have resulted in the increase in transaction fees and slower transaction speeds. Privacy-centric coins including Zcash, Dash, Monero, and PIVX are working on transactions to become much cheaper and faster compared to others such as Bitcoin, a vital necessity.
More and more users are shifting from infamous cryptocurrencies such as Bitcoin to privacy-centric coins due to the need for security, which also has the added benefit of privacy. Though it’s entirely possible that these advances will be implemented into the current top cryptocurrencies like Bitcoin, Litecoin and Ethereum, allowing new projects to fully test and vet new features taking the risk out of the top projects for making a mis-step.
This technology allows for security on networks to take another step forward. Data security, especially for a telecommunications company, is extremely important. These are solutions Horizon Communications is very much excited to implement.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet and cellular service provider looking to provide services in Bermuda, the Caribbean, and Central America before expanding internationally.
While utilizing 4th generation and soon 5th generation wireless technology, it will also heavily incorporate blockchain and cryptocurrency technology, one of the 1st ISP’s in the world to do so and the 1st to tokenize their services using an Initial Coin Offering (ICO).
More information can be found on their website —
www.HorizonComm.co
