To enhance privacy in the Ethereum blockchain network, Vitalik Buterin proposed the “stealth addresses” concept.
Vitalik Buterin is co-founder of the Ethereum blockchain and he is a popular Russian-Canadian computer programmer. In the very starting he jumped into the Crypto sector with the Bitcoin magazine website as a co-founder but later he jumped into Cryptography & development with Dimitry Buterin, Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.
Recently Vitalik Buterin proposed a “Stealth addresses” concept to enhance the anonymity of the transactions in the Ethereum blockchain network.
An incomplete guide to stealth addresses:https://t.co/21Q18BrD30
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— vitalik.eth (@VitalikButerin) January 20, 2023
Vitalik suggested devs develop & implement a cryptographically obfuscated public addresses system for the Ethereum blockchain-supportive wallets so that wallet users can generate a new fresh crypto address to receive funds.
The Ethereum co-founder introduced this concept to fight against the privacy challenges for the Ethereum ecosystem users, as Ethereum is a public blockchain network.
According to Vitalik, ETH devs needed to use ZK-SNARKs, shorthand for zero-knowledge proofs, to boost the privacy of the system and make it difficult to link the stealth addresses.
Tornado Cash vs OFAC
As we know Ethereum is a public blockchain network and all the transactions remain publicly available and it make easy for people to track the Crypto financial activities.
To provide anonymity to the Crypto users in the Ethereum network, a few crypto devs launched their Crypto mixing platform.
Tornado Cash, Ethereum blockchain focussed Crypto mixing platform, was the most popular platform for the Ethereum network users to remain anonymous but in 2022 the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed a ban on this Crypto mixing platform citing the misuse of the platform by bad actors.
Read also: Cumulus Data to open its first nuclear Bitcoin mining center in Pennsylvania
Ethereum Co-founder proposes “stealth addresses” concept to enhance privacy
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