Ethereum blockchain network may turn into a privacy-focused Blockchain network because of the new technology Introduction plan.
Ethereum is the second biggest Cryptocurrency in the crypto industry and here Ethereum doesn’t need any kind of Introduction but in the present Ethereum is traveling through that era of the digital world, where it needs to step with the actual need, what people want like efficiency & low-cost transactions. The developers are working to shift the Ethereum blockchain from Pos to Pow consensus.
Stealth Address is a special type feature that can be added to any blockchain but needs talented developers who can implement it without any issue. In the past, Ethereum developers talked about this technology but now this concept is getting significant traction in the Ethereum community.
If Stealth Address will be introduced in the Ethereum blockchain then Soulbound tokens based on the ERC-721 token format can become completely anonymous, which makes it more secure for usage. But the main problem associated with this thing is new questions about the decentralized nature of the blockchain network.
However, this concept is out of context for the Ethereum supporters because people believe that Ethereum blockchain doesn’t need this kind of concept technology use because Ethereum blockchain may lose some transparency features and may welcome some issues, for example people can misuse the platform by remaining anonymous.
However there are already many anonymous-focused cryptocurrencies like Monero, and Litecoin, So there are chances that Ethereum developers may ignore this plan.
At present, the Ethereum blockchain project is going through “the merge” upgrade. This year, under this upgrade plan, the Ethereum network will shift to Proof-of-stake and further developers will be able to introduce high scalability & efficiency in the network, to make the Ethereum network affordable for small Ethereum blockchain ecosystem users.