Ethereum Co-Founder Vitalic Buterineproposed a secret address system to increase transaction privacy on the Ethereum blockchain.
secret address systemIt is based on a mechanism that allows any Ethereum wallet to create cryptographically hidden public addresses, called secret addresses, to receive funds in a private way and access them using a special code called a spend key.
Vitalik Buterin Wants to Improve Ethereum Privacy
Ethereum Co-Founder Vitalic Buterine In a research blog, Buterin wrote that privacy is one of the biggest remaining challenges in the Ethereum ecosystem. At the same time, he proposed a secret address system to avoid difficulties.
Buterin explained that private addresses provide the same privacy features as someone who generates a new address for every transaction. These proposed secret addresses are a way to increase privacy on Ethereum by creating unique, anonymous addresses for every transaction. Every time someone makes a transaction, they can create a new private address, making it harder for anyone to track transactions or identify who is sending and receiving assets. This means that each user’s transaction history can remain private.
Buterin also suggested using ZK-SNARKs, short for zero-knowhedge, to increase system privacy and make it more difficult to link private addresses together.