Thread by @AllenWu29331265

Regarding the official #Monero account's misunderstandings yesterday, #IOG's Executive VP of Strategy, Rob Adams had this to say: 1/n #Cardano

2/n "Somebody said something about a backdoor, there's no backdoors in Midnight. I'm not even sure where that assertion would come from. There's nothing in the chain that says there is the ability for some random person to just get in and understand everything that's happening.

3/n But, a DApp developer can say in their terms of service "I'm in a regulated industry, I'm going to need to respond to subpoenas or something like that. Do you agree to use my DApp in order to use my service?" and what that will allow the DApp developer to do is,

4/n because you agreed to this, allow them to create viewing keys that will show your transactions, if necessary, to a regulatory authority. Now what this does, and the thing that's really important about this is it allows people on a blockchain

5/n to actually integrate with the wide world of services that are out there today. And it helps pull them towards a Web 3 world. Without this, when are you going to be able to work with a bank that has to respond to regulatory pressures?

6/n When are you going to be able to work with an institution that is a supply chain, for example, or an enterprise application, where there is strict regulatory authority over the actions in that network.

7/7 Without that, and without the freedom to have regulatory-friendly transactions on the chain, you won't be able to pull the rest of the world to Web 3."

#Cardano

8/7 Source: