Join Our Telegram channel to stay up to date on breaking news coverage
Ethereum co-founder Vitalik Buterin has suggested that a stealth address could be deployed as a way of obscuring NFT ownership. He noted that it would be a lighter-weight solution for private NFT ownership compared to other forms of ownership.
The Stealth Approach Will Bring More Privacy
Buterin was responding to a suggestion about using zk-SNARKc or Merkle trees for the same purpose. Buterin has also opined that it would be better to generalize the scheme to smart wallets.
But he did not fail to mention that his solution will have challenges when it comes to settling fees. To solve that issue, he said it could be tackled by “sending enough ETH to pay fees 5-50 times to send it further.”
Users can keep their transfer chain alive when they tornado some ETH in, especially those with ERC721 without enough ETH. Buterin added that an alternative solution could involve block builders or specialized searches.
Your capital is at risk.
In his tweet, Buterin mentioned that the stealth address approach will bring more privacy to the NFT ecosystem. He added that the idea will have positive ramifications for the NFTs, and the market could see its benefits soon after implementation.
The Merge Is Expected To Significantly Improve The Ethereum Network
The Ethereum co-founder also addressed several topics, including the imminent ETH Merge that comes up next month. Buterin stated that he doesn’t believe another fork will harm Ethereum significantly.
He thinks that the proof-of-stake transition is the choice of the majority of the community members, and a substantial, long-term adoption of a proof-of-work alternative is not expected. He added that whatever happens after the transition, the goal is not to allow people to lose money.
The Merge is regarded as a pivotal event in the development of the Ethereum ecosystem. The future of the network will be based on the new protocol. The Merge is also coming with numerous benefits, including a reduction in energy consumption and scalability.
Multiple testnets integrations have already been carried out this year in preparation for the launch of the mainnet. Investors and enthusiasts of the network have given positive feedback on what they have seen on the ground.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
