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Coinbase Chief Brian Armstrong Says 20s Will See Anoncoin Go Standard?

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  • Tip Bones

Brian Armstrong, co-founder, and CEO of United States-based cryptocurrency exchange Coinbase said, he thinks a “privacy coin” may go mainstream.

In a post published on Coinbase’s official blog on Jan. , Armstrong stated, that he believes in the 20s, we will see the combination of privacy features into one of the main blockchains. He also foresees a cryptocurrency with such features to go mainstream in the following years:

“Just like how the internet originated with HTTP, and only later introduced HTTPS as a default on many websites, I believe, we will ultimately see a “privacy coin” or blockchain with built-in privacy features, get mainstream approval, in the 20s.”

Crackdown on anoncoins:

Armstrong’s prophecies are interesting, given the current crackdown on privacy-focused cryptocurrencies, and the obvious consensus that privacy should be one of the main focuses of Bitcoin BTC development.

In March, the head of the Finance Committee of France’s National Assembly suggested a ban of, so-called anon coins. 

In May, Japanese exchange Coincheck, delisted four privacy coins, and the Japan Virtual Currency Exchange Association recommended that its members do the same.

All of that makes Armstrong’s prediction that a privacy-focused cryptocurrency will reach mainstream adoption. 

Major cryptos work on privacy:

When it comes to the integration of privacy features in major blockchains, some may assert that the process has already started. 

As Cointelegraph reported in June, some fear that Bitcoin’s increasing anonymity may be a threat to anoncoins. For instance, a blockchain technology firm Blockstream, published test code for using Schnorr signatures on the Bitcoin blockchain in February, which aids with the privacy on the network, while also increasing the scalability. Discussions on possible implementation are still ongoing. 

It's blockchain, on the other hand, in September, added support for zero-knowledge proofs ZK-Proofs, a particular type of cryptography that allows for the validation of data, without access to it. 

At the end of October, multinational auditing and consulting firm Ernst & Young, announced the launch of its prototype implementation of ZK-Proofs, on the public blockchain.

As Cointelegraph illustrated in a recent analysis, privacy in crypto is a contentious topic. The reason is that some believe privacy to be a fundamental prerequisite for peace of mind and security, while others are of the idea that anonymity is useful only to criminals.

The “billionaire flippening”

Furthermore, Armstrong also notes that a majority of the world’s billionaires will come from the cryptocurrency space in the 20s. He said:

“My friends Olaf Carlson-Wee and Balaji Srinivasan, estimate that more than half the world’s billionaires will be from cryptocurrency.”

As a consequence, he believes that the amount of capital invested in science and technology will increase, and more people from the cryptocurrency industry will turn to philanthropy.

As Cointelegraph reported yesterday, this last prediction is in line with a report compiled by digital asset management firm Coinshares, which estimates that Bitcoin aware Millennials, are set to inherit almost trillions of value, from the Baby Boomer generation.