New Privacy Protocol Zether Can Conceal Ethereum Transactions
William M. Peaster's original article for blockonomi.com reduced by 50%
Attention has been increasing this month around Zether, a privacy protocol that's been developed and proposed for account-based smart contract cryptocurrencies like Ether, ERC20 tokens, and Stellar lumens. The protocol facilitates the concealing of transaction values via encryption, so the payments mechanism could allow top cryptocurrencies not presently centered around privacy to become de facto privacy coins. The paper's other two authors are Stanford University cryptographers Dr.
Dan Boneh and Benedikt Bünz, both of whom have previously published seminal work on the Bulletproofs privacy protocol. Zether isn't the only zero-knowledge proof system that could take Ethereum's privacy to the next level. Ethereum co-creator Vitalik Buterin noted last year that progress on blockchain privacy had been progressing but that much more work needs to be done in the future.
Of course, if Ethereum and other smart contract platforms can continue to make further advances in the arena of privacy, then their positions near the top of the cryptoeconomy should be bolstered. In time, improved privacy capabilities combined with their additional computational abilities could make these smart contract projects more attractive than pure privacy plays.
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