• The article discusses Vitalik Buterin’s proposal for a stealth address system as a fix for the privacy problem on the most active smart contracting platform, Ethereum.
• This system would differ from the one offered by crypto mixers and other platforms, as it would put the recipient in charge of the transaction, giving them more control over the privacy of their transactions.
• Ethereum and other public blockchains currently allow transactions to be traced by default, making Vitalik Buterin’s proposed system necessary to ensure privacy.
Vitalik Buterin, the co-founder of Ethereum, has proposed a revolutionary stealth address system in order to address the privacy issue in the most active smart contracting platform. This system is radically different from the ones offered by crypto mixers like Tornado Cash and other platforms, as it puts the recipient in charge of the transaction and gives them more control over the privacy of their assets.
Currently, transactions in Ethereum and other public blockchains can be traced by default, no matter the basic levels of encryption used to conceal the identity of the sender and receiver. In order to counter the openness and ensure the privacy of asset receivers, stealth addresses would be created and managed by the receiver. At any point in the transfer cycle, the receiver would be able to create a spending key, which he can use to create a “stealth meta-address.” This address is then sent to the sender, who does a small computation and creates a stealth address that belongs to the recipient. The recipient then has control of the transaction, and can ensure that their assets are kept private and away from the public’s prying eyes.
The proposed stealth address system is a groundbreaking solution to the privacy problem on Ethereum and other public blockchains. It allows the receiver to maintain full control over their transaction, while also providing them with the privacy and security they need to keep their assets safe. Vitalik Buterin’s proposed system is sure to revolutionize the way we view privacy and will be a great addition to the Ethereum platform.