I was thinking about Terra/Luna and I think that one potential problem for achieving mass adoption is the lack of privacy. For example, if I were to send some Terra to a friend, I might not necessarily want them to know my wallet address both for general privacy/security reasons. A concrete example would be a group of friends went out for dinner, and someone paid the bill via credit card first and asked the remaining friends to transfer cash to him. Using traditional finance, it is easy to transfer money via bank transfers or other non-blockchain digital wallets without revealing my previous transactions/account balance. However on Terra, this currently is not possible (to my knowledge).
I’m not sure what the solution is, but I do think it is something worth discussing about. Currently on Ethereum there are some privacy protocols such as https://tornado.cash/ etc, althought I feel the UX is still a bit clunky.
A potential solution to this problem is connect Terra to Secret (another Cosmos SDK project) via IBC, and “mix” a transaction through that bridge.
Do, any updates the concept of adding a Terra Bridge to SCRT?
The ability to directly buy sUST and send sUST (a private version) seamlessly would be a critical element. Perhaps the folks at SCRT would be interested in a partnership to sort this out?
Personally I would love to see the bridge implemented in terra station if that is even feasible with a privacy element being a core concern.
I like the amazon gift card transaction concept where the payment gets converted by the processor but obviously that is limited only to amazon.
Like all the other features of terra, the privacy function would need to be very simple to use and as seamless as possible.
My rudimentary understanding of privacy is that the blockchain has to be designed for it from the start and implementing it fully necessitates the reduction (trade-off) of functionality that an open blockchain provides.
Some sort of sticky/document on this subject from terra would be a worthwhile project to protect its users from assuming privacy when there is none. Malicious actors that know too much about your money can really wreck your life…
Void Protocol is currently developing a mixer on Terra - will launch Q2 2022.