One of the members of the Ethereum development community described the Stealth Address technology, which was previously mentioned as a potential feature for the Ethereum network.
How does the technology function? – Ethereum
Each Stealth Address consists of a user’s address hash, their token ID, and a secret parameter that is specific to them. The address used to store assets is determined from the user’s “leaf” in the blockchain data hash tree.
Without Stealth Address technology, public ledgers are “pseudo-anonymous,” which means that the address is connected to a specific individual who is not known to the general public.
But with the use of blockchain analysis, we can quickly make the connections necessary to identify the person behind the address. A second security layer is preferred by some consumers and big businesses who want to avoid unwanted attention or even problems with the law. To facilitate secret transactions that conceal the sender or recipient, there are private cryptocurrencies like Monero and even Litecoin.
Why use covert addresses?
Decentralization advocates harshly condemned both Vitalik Buterin and the developer who proposed the new functionality for inclusion in the ERC-721 token format used by NFTs.
Soulbound tokens based on the ERC-721 token format can become entirely anonymous with the addition of a second security mechanism, making them more secure to use. At the same time, the idea’s decentralization as a whole is called into further doubt.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
CoinCu News
Author
Ethereum
Vitalik Buterin Unveils New Ethereum Feature
One of the members of the Ethereum development community described the Stealth Address technology, which was previously mentioned as a potential feature for the Ethereum network.
How does the technology function? – Ethereum
Each Stealth Address consists of a user’s address hash, their token ID, and a secret parameter that is specific to them. The address used to store assets is determined from the user’s “leaf” in the blockchain data hash tree.
Without Stealth Address technology, public ledgers are “pseudo-anonymous,” which means that the address is connected to a specific individual who is not known to the general public.
But with the use of blockchain analysis, we can quickly make the connections necessary to identify the person behind the address. A second security layer is preferred by some consumers and big businesses who want to avoid unwanted attention or even problems with the law. To facilitate secret transactions that conceal the sender or recipient, there are private cryptocurrencies like Monero and even Litecoin.
Why use covert addresses?
Decentralization advocates harshly condemned both Vitalik Buterin and the developer who proposed the new functionality for inclusion in the ERC-721 token format used by NFTs.
Soulbound tokens based on the ERC-721 token format can become entirely anonymous with the addition of a second security mechanism, making them more secure to use. At the same time, the idea’s decentralization as a whole is called into further doubt.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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