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Vitalik Buterin Proposes A Privacy Fix for Ethereum
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Vitalik Buterin Proposes A Privacy Fix for Ethereum

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Blockchain

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Vitalik Buterin, the co-founder of Ethereum, recognizes the privacy problem in the most active smart contracting platform. He is proposing a stealth address system as a possible fix.

Vitalik Buterin’s idea radically differs from what Tornado Cash, a crypto mixer, and similar platforms offer. Instead of the sender having control, it would be the recipient in charge. This is crucially important because, in ordinary settings, the asset receiver would desire to keep transactions, financial or otherwise, private and away from the public’s prying eyes. 

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The Blockchain that Brings Privacy to the Masses

3 years ago

By default, transactions in Ethereum and other public blockchains can be traced. This characteristic is available for all users, despite the basic levels of encryptions concealing the identity of the sender and receivers. 

Vitalik Buterin Ethereum Price on January 23

Ethereum Price on January 23| Source: ETHUSDT on KuCoin, Trading View

Vitalik Buterin Talks Stealth Addresses

To counter the openness in Ethereum and cushion the privacy of asset receivers, stealth addresses would be created by the sender or receiver. However, the receiver will be the one in charge. At any point in the transfer cycle, the receiver will be free to create a spending key which he can then 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 will always be in charge if they send assets to this address. 

Additional cryptographic data will be published on-chain to affirm that the receiver controls the stealth address. A key blinding mechanism is added to break the public link between the sending and receiving addresses due to the additional cryptographic data sent on-chain.

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Vitalik also proposes the integration of ZK-SNARKs to boost privacy further when using stealth addresses. Integrating ZK SNARKs would increase the difficulty of linking transactors, a benefit for the receiving address seeking more privacy.

Different from Tornado Cash

Vitalik explains in his research blog that the stealth address system provides a different kind of privacy offered by Tornado Cash. The co-founder notes that Tornado Cash is only suitable for individuals who want to send assets to their addresses. While Tornado Cash is widely popular and used by thousands to obscure ETH and ERC-20 transactions, it cannot hide the receiving address of assets complying with the ERC-721 standard, mainly NFTs. 

In early August 2022, the United States Treasury Department barred U.S. citizens from using the mixer. The Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian Nelson, said the Tornado Cash creators had failed to add adequate controls to prevent the tool from being used to launder money.

Treasury alleged that North Korean hackers and other agents had used the tool to launder billions of dollars since 2019. Most of the laundered funds came from Decentralized Finance (DeFi) and exchange hacks. 

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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