Blockchain came with the concept of decentralisation and anonymity but if you look at what is going on right now, you would see that there is little or no anonymity since identities are now being tied to wallet addresses.
For example, Bitcoin utilizes cryptography to disguise identities and has a transparent public ledger. On one hand, this is an amazing construct but we need to consider the implications. Public wallets are viewable by anyone and include not only the balance of the wallet but also how much money has been received and paid out (including the public wallet addresses of senders and receivers).
Sure, this might be great for a non-profit or other publicly transparent entity…but do we really want anyone and everyone to see what we have and who we send our funds to?
Businesses may have trade secrets or a list of clients and suppliers they want hidden. As a user, a safety concern arises as hackers could easily find and target large holders.
It is quite obvious that even with the conventional Cryptocurrencies, our privacy is not really guaranteed, if you search the internet, you would see that blockchain transactions are not as anonymous as we would like them to be, for example all major exchanges cannot even make transactions without it being monitored by third party firms and we all believe these are anonymous transactions.
To be honest, 7days ago I didn't even know what privacy coins was but while scrolling through bitcoin talk Forum, I stumbled across the
Announcement Thread Of The Veil Project and this opened my eyes to the true meaning of anonymity, what it means to spend money without any prying eyes, what it means to perform financial transactions like a ghost, I started feeling like Satoshi Nakamoto after my first transaction because that man remains anonymous even with all the impact he has had in the blockchain space.