The blockchain intelligence firm Arkham has been facing the community’s wrath since the launch of its on-chain intelligence exchange. Now CEO Miguel Morel has taken to Twitter Space to address the criticism.
With its intel exchange, Arkham aims to deanonymize the blockchain. However, this initiative has faced criticism since the Arkham token (ARKM) launch earlier this week. The community has cited the project as a dox-to-earn model, as the users could buy and sell information about the owners of any crypto wallet.
Arkham CEO: Complete Anonymity Is Not a Reason for Using Cryptocurrency
While transactions on the blockchain are transparent, the data about the owner of a certain wallet is not always public. Users can check that a wallet sent XYZ amount to another wallet. But in most cases, they do not have information about the owners of those wallets.
Through a Twitter Space, Arkham CEO Morel defended the on-chain intelligence exchange. He emphasized that privacy is not the primary feature of the blockchain. Morel explained:
“You are literally making transactions which you are broadcasting to a decentralized network of millions of people, all of whom can look on-chain in order to see which transactions are being broadcast.
Speed, ease of use, actually owning your own assets, being able to make cross-border payments instantly – these are all amazing reasons for using cryptocurrency.
Trying to be completely anonymous is not one, and this is something that many people do not understand.”
Read our detailed guide on how to set up a crypto wallet here.
What is Arkham’s Intention?
Crypto protocols often fall victim to exploits, resulting in the loss of hundreds of millions in users’ funds. The attackers’ anonymity makes it challenging for the authorities to track down the hackers.
Morel says that he wants to incentivize the community to reveal the identity of the exploiters during such scenarios. Arkham also wants to cater to large hedge funds and traders that usually earn from the information of who’s buying and selling certain tokens in bulk.
But the community is particularly concerned about the false labeling of the wallet. A Twitter user commented sarcastically, “Miguel doesn’t think people lie on the Internet.”
But Morel defended that the platform would release more guidelines on moderation soon.
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