Vitalik Buterin Shares Ethereum’s ‘Biggest Remaining Challenge’!

Vitalik Buterin Shares Ethereum’s ‘Biggest Remaining Challenge’! 

In a recent blog post made on Friday, Ethereum co-founder Vitalik Buterin says that despite the many improvements that the Ethereum network has made over the years, it still has what he describes to be “one largest remaining challenge,” that is privacy.

Lack Of Privacy

According to Buterin, any information going into a public blockchain, will by default, become public too. “Increasingly, this means not just money and financial transactions, but also ENS names, POAPs, NFTs, soulbound tokens, and much more.” The Ethereum co-founder wrote.

“In practice, using the entire suite of Ethereum applications involves making a significant portion of your life public for anyone to see and analyze.”

It’s because of this that privacy has become a “widely recognized” problem, Buterin claims.

Related: JPMorgan CEO: Bitcoin Is A Hyped Up Fraud

Stealth Addresses

Vitalik Buterin says one way to solve issues involving privacy may be through “stealth addresses.” This way, users will be able to make transactions, NFT transfers and ENS registrations anonymously.

“Basic stealth addresses can be implemented fairly quickly today, and could be a significant boost to practical user privacy on Ethereum. They do require some work on the wallet side to support them.”

Part of making these transfers and transactions anonymous include creating temporary keys and stealth addresses through cryptographic computation. Creating new stealth addresses for each new transaction.

“However, stealth addresses do introduce some longer-term usability concerns, such as difficulty of social recovery. It is probably okay to simply accept these concerns for now, eg. by accepting that social recovery will involve either a loss of privacy or a two-week delay to slowly release the recovery transactions to the various assets,” the Ethereum co-founder continues, “In the longer term, these problems can be solved, but the stealth address ecosystem of the long term is looking like one that would really heavily depend on zero-knowledge proofs.”

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