Ethereum co-founder Vitalik Buterin Released a research paper recommending the use of anonymous addresses for privacy-preserving transfers. Buterin Outlined that hidden addresses can be quickly implemented on the Ethereum Network, which would be a considerable step towards protecting user privacy on the blockchain.
Buterin Unseen Addresses May be a Solution to Privacy Problems on the Ethereum Network
Three Days ago Ethereum co-founder Vitalik Buterin Posted a blog post that provides a comprehensive overview of stealth addresses and the advantages they provide. Hidden Addresses are used on other blockchain networks such as Monero To raise anonymity and privacy during transactions (XMR). The Network creates one-time addresses that are not associated with the users public address. In The blog post Buterin Pointed out that “one of the most important challenges remaining in the Ethereum ecosystem is privacy.”
Buterin This article explains how to create cryptographically opaque public addresses using a key masking mechanism and elliptic curve cryptography. He Also discussed addresses “social recovery and multi-L2 wallets” “separate spending and viewing keys.” Buterin Noted that there are some concerns about the system’s long-term usability, such as the difficulty of social recuperation. “In the long term, these problems can be solved, but the long-term ecosystem of concealed addresses looks like one that would really rely heavily on zero-knowledge proofs,” Buterin stated.
Although Monero Uses hidden addresses. The technology is also being used on other cryptocurrency networks such as Zcash, Dash, Verge, Navcoin, and PIVX. It It is important to note that various implementations of hidden addresses exist for some of these cryptocurrencies. At The end of his research post Buterin Details that blackmail addresses could be easily implemented on the Ethereum Network, wallets and the network should adapt to these changes. In In general, supporting hidden addresses requires significant modifications to the underlying architecture. EthereumCheck out the current configuration of wallets that are based on Bitcoin.
For For example, current wallets may use a different address format. The A lite client would need new addresses for every transaction. The wallets would also need to be able to properly encrypt or decrypt the transaction data. “Basic stealth addresses can be implemented quite quickly today and could be a significant boost to practical user privacy on Ethereum,” Buterin Concluded. “They They will require some financial work to support themselves. That In my opinion, wallets should move towards a more native multi-address model. This could include creating a new address each time you interact with an app. .
What What do you think of the possibility of concealed addresses on the Internet? Ethereum network? Do Do you believe it would significantly increase privacy of users on the blockchain network or do you have concerns about its long-term useability? Share Please share your thoughts below.
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