Vitalik Buterin, co-founder of Ethereum is proposing the usage of stealth addresses which is a low-tech method for the incorporation of privacy features into nonfungible token, or NFT, transactions.
Buterin hinted that Merkle trees and Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or ZK-SNARKs, were a more difficult approach for generating stealth addresses for ERC-721 coins while putting up his own solution in a post on the Ethereum research channel on Monday.
Instead, the co-founder of Ethereum argued that smart contract wallets may have a feature that would let the sender basically hide their address from outside parties.
For instance, you could submit an NFT to vitalik.eth without anyone knowing who the new owner is except for me (the new owner), according to Buterin.
Senders would need to include “enough ETH to pay fees 5ā50 times” along the transfer chain in order to use this strategy, according to Buterin’s hypothesis. But he continued, “Perhaps there is a better general method that employs expert searchers or block builders in some kind.”
Many have found it difficult to strike a balance between transparency and partial anonymity on the blockchain as the cryptocurrency industry expands. According to Cointelegraph, people have been known to steal IP addresses from Metamask and NFT marketplace OpenSea.
