Despite the abundance of modern cryptographic tools aimed at preserving privacy on the network, crypto users rarely use them and have little interest in it.
In 1993, Eric Hughes published a landmark document, the Cypherpunk's manifesto. “We the Cypherpunks are dedicated to building anonymous systems. We are defending our privacy with cryptography, with anonymous mail forwarding systems, with digital signatures, and with electronic money.”
Nearly thirty years after the release of the manifesto, netizens have a variety of tools in their arsenal to maintain anonymity and confidentiality when interacting with other users. But they don't use them, says the CoinMetrics report.
“For privacy to be widespread it must be part of a social contract,” the Cypherpunk's Manifesto reads. User apathy for privacy is probably the biggest flaw in existing anonymous transaction systems, the report notes. Despite significant technological advances in cryptocurrency privacy, the adoption of privacy features and tools is slow.
As the popularity of cryptocurrencies grows among a wide range of users, crypto enthusiasts need to preserve the original idea of cryptocurrencies, which stems from the desire to preserve privacy.
“Failing to do so could result in the original idea of anonymous transactions systems fading away and being superseded by other conceptions of what crypto-currencies are useful for.”