Th Memo Key may be prove to be the most useful of the unsung features of Hive for exactly the reasons you say. Perhaps it can serve as the basis for a DM or private messaging system. Even if not, there must be uses for it which haven't been imained yet which can benefit all of us here.
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What I wanted to do was set up on-chain encrypted chat rooms who's password is a memo key generated by a master key password combined with the name of the channel.
Every master key requires a password string and an account name, but the account name could be the channel name and the password could be whatever the group decides. You could then share that password by sending it to users directly using their own memo key so only they can read it.
The only drawback to memokey "private messages" is that the messages are private, but there is still record of sending and receiving them onchain. Could lead to guilt by association etc... Unless there is a way to obfuscate the transaction?
I think there is a record of a private message being sent in apps we use right now. That's e-mail and SMS and other message-type systems which aren't real-time. The risk of guilt by association would be present, as would the alibi needed to drop a case.
When it comes to real-time apps, I can't speak about those.
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