SNEAK PEEK
- Vitalik Buterin shares the idea of adding a significant amount of privacy to the NFT ecosystem.
- The Ethereum Co-Founder proposes the idea dor stealth addresses for ERC721s.
- This allows NFT owners to send an NFT to the new owner with anonymity, and only the new owner will be able to see ownership.
In a recent announcement made on the official Twitter handle of Vitalik Buterin, the Ethereum Co-Founder has shared an idea of stealth addresses for anonymous NFT ownership. This will allow the users to send NFTs directly to the owner where no one except for the new owner will be able to see who the new owner is.
The Ethereum Co-Founder, Vitalik Buterin, has recently suggested that a ‘low-tech approach’ might be present for integrating some privacy features into NFT or the transactions associated with it.
Idea: stealth addresses for ERC721s.
— vitalik.eth (@VitalikButerin) August 8, 2022
A low-tech approach to add a significant amount of privacy to the NFT ecosystem.
So you would be able to eg. send an NFT to vitalik.eth without anyone except me (the new owner) being able to see who the new owner is.https://t.co/UdqK6NAYjn
In a post shared on Monday on the Ethereum research channel, Vitalik Buterin insinuated Merkle trees and zk-SNARKs, Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, an even more complex method for stealth addresses for ERC-721 tokens.
He did so while proposing his own solution that suggested that smart contract wallets could involve a method that would allow the sender to effectively mask their address to third parties.
In addition to this, the tweet revealed that the users would be able to send an NFT to their preferred party without anyone except the new owner knowing who the new owner is. However, Buterin addressed that the senders would be required to add enough ETH to pay the fees 5-50 times through the transfer chain.
Well, there is certainly no denying that establishing the perfect balance between semi-anonymity and transparency on the blockchain has been an ultimatum for many as the crypto space continues evolving. Earlier, some cases came to light that the users swiped IP addresses off of NFT marketplace OpenSea and MetaMask.
