In the face of reviews and significant transaction fees, the Ethereum blockchain still stands out as the flagship of the blockchain industry. A network created in 2017 and has since become the support for most of the large projects of this ecosystem. To the point of summarizing a large part of the innovation in this field with a simple copy/paste – Ethereum killer – with wholly theoretical promises whose fundamentals are often revised downwards.
However, the dramatic evolution of the Ethereum network also raises questions that are impossible to ignore. For instance its transaction fees are too high during periods of intense activity. But above all the (de)centralization crisis that has upset its blockchain since the long-awaited transition to Proof of Stake. With a censorship issue which very clearly undermines its primary vocation linked to the principle of cryptography. Yet second Vitalik Buterinthe “last big challenge” is elsewhere…
Ethereum: Vitalik Buterin’s “Last Big Challenge”.
Indeed, Vitalik Buterin just published an article on his official blog at the end of last week. The latter entitled: “An incomplete guide to stealth addresses”. With the main concern, the institution of greater confidentiality on the Ethereum network. This is to provide an effective and functional solution to this unavoidable principle: “everything that happens on a public blockchain is public”.
” One of the last major challenges in the Ethereum ecosystem is privacy. By default, everything that happens on a public blockchain is public. Increasingly, this means not only money and financial transactions, but also ENS names (Ethereum Name Service)POAP (presence test protocol)NFTs, Soulbound tokens and more”
Because, at the same time, everything that happens on a blockchain isn’t necessarily meant to be transparent. That is why this solution presented by Vitalik Buterin is, according to him, “much more practicable”. Because it might allow you to “hide who is the recipient”. This also applies to the transfer of an NFT token “of which there is only one copy on-chain”. Explanations…
Vitalik Buterin – Stealth addresses on Ethereum
The purpose of this feature hidden addresses (hidden addresses) is written very clearly in the cryptographic philosophy. Because as Vitalik Buterin explains, using a blockchain “involves making an important part of your life public for anyone to see and analyze. » What poses a serious data protection and privacy issue.
And according to the historic founder of the Ethereum network, the best solution may be to generate stealth addresses. A service accessible to both the sender and the recipient, “but which can only be controlled by Bob” (the recipient in Vitalik Buterin’s example).
” A stealth address can be generated by Alice or Bob, but can only be controlled by Bob. Bob generates and keeps secret a expense key which it uses to generate a invisible meta address. Forward this meta-address to Alice (or save it in ENS). Alice can perform a computation on this meta-address to generate a file hidden address belonging to Bob. He can then send whatever resources he wants to this address and Bob will have full control over them.”
A privacy problem that blockchain specialists have been working on since 2014, without having found a viable solution. And with this principle of stealthy addresses, Vitalik Buterin was able to once again demonstrate his ability to innovate in the field. Even if, as he does not fail to underline, this presentation is still “incomplete”. With the main hurdle in the near term being “requiring hundreds of thousands of additional gases just for a single transfer”. Another “big challenge” that should be addressed…