• Vitalik Buterin, the co-founder of Ethereum, is proposing a stealth address system to fix the privacy problem in the most active smart contracting platform.
• This system would give the recipient control over the transaction, allowing them to keep it private and away from prying eyes.
• Stealth addresses would be created by the sender or receiver, allowing the receiver to create a spending key and a “stealth meta-address”.
Vitalik Buterin, the co-founder of Ethereum, is working to improve the privacy of transactions on the most active smart contracting platform. With the rise of blockchain technology, privacy has been a growing concern for many users, and Buterin is proposing a novel solution that could help alleviate this issue. His stealth address system could revolutionize the way Ethereum users send and receive assets.
Currently, Ethereum and other public blockchains offer users basic levels of encryption to conceal the identity of senders and receivers, but transactions can still be traced by anyone who has access to the blockchain. This makes it difficult for users to keep their transactions completely private, and Buterin is looking to change that. His stealth address system would give the recipient control over the transaction, allowing them to keep it private and away from prying eyes.
The stealth address system would work by allowing the sender or receiver to create a special type of address. When the sender creates an address, they will also generate a small amount of cryptographic data which is unique to that address. This data is then sent to the receiver, who can use it to create a “stealth meta-address”. This address is the one that the sender will send their assets to, and it is completely controlled by the receiver.
Once the receiver creates the address, they will be in charge of it. This means that they can generate a spending key which they can use to keep track of their assets as well as keep them secure. The receiver is also in control of the privacy of their assets, as they can choose to hide the address from the public or keep it open if desired.
All in all, Vitalik Buterin’s stealth address system could be a game changer in the world of blockchain technology. It would give users the power to keep their transactions private and secure, allowing them to feel confident that their assets are safe. This could be a major step forward for Ethereum users, as well as other public blockchains, and it will be interesting to see how this system develops in the future.