A few days back, Ethereum co-founder Vitalik Buterin published a blog post on his website. The blog post states how a stealth address for Ethereum could be beneficial in protecting the privacy of its transaction. He also took to Twitter to share his blog post for creating awareness amongst the mass.
In the blog post titled “An Incomplete Guide To Stealth Addresses”, Vitalik Buterin stated that one of the largest challenges in the Ethereum (ETH) ecosystem is privacy. He has also added value to the blog by mentioning that the Ethereum wallet will be capable of creating stealth addresses to receive money anonymously. The users can gain access to the individual stealth address for Ethereum transactions through a unique spending code termed a “spending key”.
That said, one of the best things is that either party can create the proposed stealth address for Ethereum transactions. However, only one can control the addresses. For creating a stealth meta address capable of sending to the sender, the receiver has to first generate a stealth address and then maintain a hidden spending key. Eventually, the sender is able to compute this meta address to establish a stealth address for the recipient. Senders can send any assets to this address as long as the recipient has complete power.
Alongside the asset transfer, the sender is also required to post some cryptographic evidence on-chain. This will prove that the recipient is the owner of the stealth address. As Vitalik Buterin states, using a stealth address for Ethereum will specifically offer benefits as with creating a new address, especially for individual transactions. To receive more latest Ethereum news today, make sure to follow https://cryptoventurenews.com/category/cryptocurrency-news/ethereum-news/.
In addition to this, the co-founder of Ethereum (ETH) has claimed that the idea of stealth addresses offers a very different kind of privacy than Tornado Cash (TORN). The latter conceals transfers of eminent fungible assets such as ETH or the prominent ERC20. However, TORN is quite ineffective when transfers of obscure ERC20s are considered. It is also incompetent to offer privacy to NFT or Non-fungible Token transfers in all aspects.
So with the stealth address for Ethereum, it is possible to offer privacy to NFT, Ethereum Name Service (ENS), or even any peer-to-peer (P2P) transactions. A freshly generated stealth address would also have zero ETH, making it unable to carry out any further transactions because of gas costs.
By sending ETH from another address to the stealth address, you would create a publicly visible link to the main wallet, defeating the purpose of using a stealth address. zk-SNARK could be used as a possible solution, but their gas costs are high.
Additionally, network users may be able to pay for multiple transactions at once using specialized transaction aggregators, which then allow them to spend these prepaid transactions whenever they choose. However, Vitalik Buterin acknowledges that stealth addresses do introduce some longer-term usability concerns, such as social recovery difficulties.
Buterin noted on the stealth address for Ethereum,
“Basic stealth addresses can be implemented fairly quickly today, and could be a significant boost to practical user privacy on Ethereum.”
He has further added that in the absence of stealth addresses, the wallets would be able to offer native privacy capabilities such as automated generation of addresses.
Thank you for reading all the way through. Please let us know if you found this interesting. Feel free to leave a comment. Contact us if you would like an article written for you at — [email protected] or leave a comment down below. You can read more latest news on Ethereum in the Ethereum News section under the Cryptocurrency News category. Get in touch with us via Facebook, Twitter, Instagram, Telegram, or the Official Website of Crypto Venture News.