(BlockBar) David Chaum the e-cash inventor believes that the real killer app for blockchain and cryptocurrencies will be privacy-oriented messaging systems integrated with payments. Chaum is an American cryptographer who invented a secure privacy-preserving digital currency back in 1982. In an interview with Bloomberg, he said he believes that in the contemporary era, increased awareness around privacy and digital sovereignty has surfaced the way for blockchain and cryptocurrencies to make a breakthrough as a mass society and consumer application. He explained:
“In the modern world, the real killer app is clearly messaging integrated with payments with popular applications in the same namespace — like WeChat in China, and what Facebook is turning into…It’s WeChat with blockchain inside.”
Chaum believes that consumers are becoming increasingly conscious that encryption on messaging platforms is insufficient to protect their digital sovereignty. According to him consumers will embrace blockchain and other technological solutions in order to prevent third parties from accessing their metadata, which includes information about the sender, recipient, and timestamp.
He said: “So it’s a payment system based on digital bearer instruments, denominated digital coins, and a solution to the ‘who’s talking to whom’ — the metadata problem — together with a way to allow DApps to run securely off-chain.”
It is to be noticing that Chaum’s prediction for promising crypto applications splits closely to the concept for his own blockchain-powered messaging and payments platform called Elixxir. His perspective closely corresponds to the trends indicating that major global social networks or messaging services like Facebook, Line in Japan, Russian-developed Telegram, amd Kakao-talk in the Republic of Korea; all have either already or are apparently ready to enter the crypto payments space. It is worth noting that due to severe domestic restrictions on crypto only China’s WeChat remains an outlier in the global landscape.
Founder and CEO of cryptocurrency merchant bankGalaxy Digital Michael Novogratz, has already forecasted that at least one of the upcoming crypto assets created by social media giants will be a success story in the near future.
Blockchain Capital partner Spencer Bogart echoes a similar perspective. It is highlighting the potential mass adoption that Facebook’s project, especially, could bring to the global crypto space.