• Vitalik Buterin, co-founder of Ethereum, has proposed a stealth address system in order to protect the privacy of asset receivers.
• Stealth addresses would be created by the sender or receiver, with the receiver in charge.
• This system will protect the identity of the sender and receiver, as transactions in Ethereum and other public blockchains can be traced.
Vitalik Buterin, the co-founder of Ethereum, has proposed a new system to protect the privacy of asset receivers. This system, named the stealth address system, is designed to counter the openness in Ethereum and other public blockchains, which have the ability to trace transactions and identity of the sender and receiver.
The stealth address system works by allowing the sender or receiver to create a spending key which is then used to create a „stealth meta-address.“ The receiver will then send this address to the sender, who will do a small computation and create a stealth address that belongs to the recipient. The recipient will always be in charge if they send assets to this address, as additional cryptographic data will be used to protect the identity of the sender and receiver.
The privacy of asset receivers is essential, as they may desire to keep their transactions away from the public’s prying eyes. Even with basic levels of encryption, Ethereum and other public blockchains still have the ability to trace transactions. This is why the stealth address system proposed by Vitalik Buterin is so important, as it allows the receiver to be in control of their own privacy.
Furthermore, the stealth address system is different from the crypto mixers and other platforms that offer privacy solutions. With those solutions, the sender would have control, whereas with the stealth address system, the receiver is in charge. This is an important distinction, as it gives the receiver more control over their privacy and security.
Overall, the stealth address system proposed by Vitalik Buterin is an important development in protecting the privacy of asset receivers. By allowing the receiver to be in control of their own privacy and security, this system provides a more secure solution for users of Ethereum and other public blockchains. As the demand for privacy solutions continues to grow, this system could become increasingly important in the future.