Sunday, September 24, 2023

Vitalik Buterin reveals strategy against cryptocurrency scams

Vitalik Buterin’s research aims to strengthen and legitimize the crypto market.

“Privacy pools” enable secure transactions without revealing merchant data.

zk-SNARKs are a new type of cryptography that protects transaction data.

The crypto world has grown by leaps and bounds. However, with its growth, concerns have also arisen about the security of the cryptocurrency. Thanks to recent work by Ethereum (ETH) co-founder Vitalik Buterin and four other collaborators, an innovative solution could be on the way.

Las “Privacy Pools”

“Privacy pools” are a concept that the team describes in detail in the document. These act as smart contracts that allow users to deposit and withdraw coins.

The interesting thing is that this is how these operations are performed No external observer can associate a withdrawal with a specific deposit. In addition, transactions on the blockchain are transparent and verifiable The merchant’s identity and amount remain confidential.

On the other hand, the document does not remain only in theory. It intervenes in different mechanisms Improve user confidentiality.

One of the most prominent topics are zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge). This innovative type of cryptography guarantees the validity of transactions without revealing the data associated with them.

By using zk-SNARKs in conjunction with privacy pools, the security and data protection of transactions on the blockchain can be significantly improved. However, the proposal goes beyond simply protecting users’ privacy.

Buterin’s team emphasizes the importance of Maintaining transaction integrity and more generally the business ecosystem as a whole. By preventing malicious actors from exploiting the system, these innovations can ensure that the market for digital assets endures robust, secure and trustworthy.

Nation World News Desk
Nation World News Desk
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