Friday, October 7

Ethereum’s Vitalik’s Proposal To Add A Significant Amount Of Privacy To The NFT Ecosystem Has Triggered A Debate On Transparency In The Blockchain

As stated by Ethereum’s founder, Vitalik Buterin on his Twitter handle, giving his view on the need for more privacy in sending NFT to Vitalik.eth anonymously to everyone except him.

Although, while a good number of people showed interest in blockchain because of its level of privacy, there are bad eggs that use the advantage to perform all kinds of hacks through the Tornado Cash developed by Ethereum.

It is known while Butering was proposing the lightweight technology, the original author of the proposal Nerolation opts to use Zero Knowledge technology.

Read Also: ApeCoin Now Becomes A Global Payment Method Via BitPay

Read Also: Everest Partners With Bitso To Allow The Everest Users To Do Cross-border Payment From XRP, BTC And Other Cryptos To Mexican Peso

The Ethereum founder, Vitalik Buterin, buttressed his view:

The reason why you don’t need Merkle trees or ZK-SNARK-level privacy is that each ERC721 is unique, so there’s no possibility of creating an “anonymity set” for an ERC721. Rather, you just want to hide the link to the sender and recipient’s highly visible public identity (so, you can send an ERC721 to “vitalik. eth” and I can see it, but no one else can see that vitalik. eth received an ERC721; they will just see that someone received an ERC721),

The view of Ethereum’s Vitalik has thrown debate on transparency. While some said that his view will be a defeat to the concept of transparency, some other transparency has little or no need as far as blockchain is concerned.

Recall, that Ethereum’s Vitalik has been a strong advocate for privacy. For instance, in April 2020, Buterin stated that he was looking to find a way out of the Ethereum Naming Service problem that unwittingly opened the doors for the crypto finances of people who used their real names to be easily scrutinized. 

Ethereum Would Not Be Seriously Affected If The Hard Fork Happened.

Vitalik stated on a Saturday webinar, that Ethereum would not be seriously affected if the hard fork happened.

I don’t expect Ethereum to be significantly harmed by another fork,” he said

Buterin’s statement revealed his strong support for the coming merge as his confidence grows daily following the reports he got from the ecosystem members.

Buterin stated:

In general, my impression from pretty much everyone I talk to in the Ethereum ecosystem is they have been completely supportive of the proof-of-stake effort, and the ecosystem has been quite united around it

Share this:

2 Comments

Leave a Reply

Your email address will not be published.