The Ethereum blockchain, touted as the most commercialized distributed ledger network in the world, is set for more updates that will calibrate it for better use in the future. Vitalik Buterin, the co-founder of Ethereum, has stated that “privacy” is the “last remaining challenge” for the blockchain, which will be refined in the coming days. Buterin has cited “stealth addresses” as a possible solution that could protect all information stored on the public blockchain.
ether is a public blockchain that processes billions of dollars in transactions. Anyone can view Ethereum blockchain transaction histories on Etherscan, a block explorer and analytics platform.
“By default, anything that gets on a public blockchain is public. Using the full suite of Ethereum applications means making a significant part of your life public for everyone to see and analyze.” buterin wrote in a blog post, emphasizing that “stealth addresses” could increase the privacy quotient on the Ethereum blockchain.
What are stealth addresses
These addresses that are registered on Ethereum Name Services (ENS)can anonymize the peer-to-peer transactions of digital assets.
Using stealth addresses would keep transaction records on Ethereum while keeping privacy intact between transaction parties on the public blockchain.
“Suppose Alice wants to send Bob an asset. When Bob receives the asset, he doesn’t want the whole world to know it was him. It is impossible to hide the fact that a transmission took place. A stealth address is an address that either Alice or Bob generates, but can only be controlled by Bob. Alice can then send any assets she wants to send to that address and Bob has full control over it,” Buterin explained in a blog entry.
At this point, it remains unclear when Ethereum developers will open the mass-level stealth address feature to the Blockchain. But Buterin has warned that running stealth addresses could skyrocket gas fees for each transfer.
The Ethereum blockchain succeeds accomplished the transition from the energy-intensive PoW mining model to the energy-efficient PoS model over the past year. The name of the revamped and green Ethereum is the ‘merge’.
In March 2023, Ethereum will implement the Shanghai update to its network, which would allow people who have staked Ether tokens to validate the blockchain and withdraw their tokens. It is estimated that currently $22.38 billion worth of Ether tokens (approx.
