In today’s digital world, crypto transactions come at a steep privacy cost. The minute you send assets to a friend, your entire financial history is exposed on the blockchain for anyone to see. But what if you could take back control? Enter DOP — the Data Ownership Protocol.
DOP is a revolutionary protocol built on Ethereum that leverages zero knowledge cryptography to give users total control over their data. With DOP, you get to decide what information you share, who you share it with, and what remains private.
Importantly, DOP will implement safeguards like zero-knowledge KYC and a governance committee to prevent bad actors from abusing the network. Users can transact freely without worrying about who they are interacting with.
The first phase of DOP enables fully private crypto transactions on Ethereum. Send and receive assets without publicly disclosing balances or transaction details. The technology is already complete and ready to empower users to transact freely without fear of exposing their financial activity.
But DOP is about more than just privacy. It’s about giving you back control of your data. In the next phase, DOP will allow you to choose exactly what holdings and activity you want to reveal — on a case by case basis. Search for your wallet on Etherscan and it will show nothing, but look it up on DOPscan and you can disclose a customized profile showing approved info like NFTs, token balances or transaction history.
DOP doesn’t stop there. Future phases will enable developers to build apps on top of the protocol, allow decentralized lending and trading while maintaining privacy, and even facilitate an entire internal DOP ecosystem with NFT markets, ICO platforms and DEXs.
The vision behind DOP is bringing crypto to the mainstream by letting users control their data. No more forced transparency at the hands of public blockchains.
DOP is already making waves. Last month, they sponsored a Binance Campus event introducing DOP to top influencers in Latin America. In November, DOP will be a highlight sponsor of Binance Blockchain Week, exposing the protocol to thousands of new potential users.
VentureBeat newsroom and editorial staff were not involved in the creation of this content.
Jon Stojan
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