by Marvin Dumont
“Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety,” wrote Benjamin Franklin. More than 200 years later, his words ring true at a time when technology gives those entrusted with power 24/7 access to people’s lives.
Regulators often cite public safety as justification for reducing or eliminating privacy in favor of constant monitoring by law enforcement and intelligence agencies. But casting a wide net that affects most or all individuals infringes upon essential freedoms that Franklin suggested should not be infringed upon.
The Most Robust Privacy Features
Apollo Foundation is developing the first all-in-one cryptocurrency that will protect people’s financial privacy even as policymakers have balked at protecting their rights. The team will integrate aspects from other top cryptocurrencies and create the most private digital coin on the market. So that you can transact with complete anonymity and without interference from governments or third parties. Moreover, Apollo will soon release its second major update, Hermes 1.0, that will make it one of the fastest cryptos.
Fast Transaction Times
Hermes 1.0 will incorporate a two-second block speed which means Apollo’s transaction settlement times will be as fast as two seconds. In comparison, one of the fastest cryptocurrencies on the market is Ripple and their settlement time is four seconds.
Privacy is a right and investors need not acquiesce to those who demand unreasonable restrictions.
The fourth amendment of the U.S. constitution declares “The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated.” Unfortunately, many governments and third parties (such as Google) use sophisticated methods to track people 24/7 whether or not allowed by legislation or constitution.
The Risks Of Outside Monitoring
The danger in unreasonable searches is that good and decent people can fall prey to bad actors such as unethical or incompetent employees (who leak personal information), hackers (who access unsecure servers) and overzealous bureaucrats who overstep their boundaries.
Government agencies are proposing crypto regulations that they claim will reduce illicit activities. However, the overwhelming majority of illicit transactions are denominated in fiat cash. According to United Nations, “money laundered globally in one year is 2–5% of global GDP, or $800 billion — $2 trillion in current US dollars.” That means crypto funds used for illicit activities are a tiny drop in the bucket compared to fiat cash used for the same purpose.
As the saying goes, don’t throw the baby out with the bathwater.
Crypto and blockchain innovations, such as Apollo, are giving back to people their financial privacy even if their representatives may no longer protect their rights.