Due to the new technology introduction plan, the Ethereum blockchain network may evolve into a privacy-focused Blockchain network.
Ethereum is the second-largest cryptocurrency in the market, so there is no need for an introduction.
However, Ethereum is currently moving through the phase of the digital world where it must keep up with consumer demands for effectiveness and cheap transactions. The Ethereum blockchain is now being converted from Pos to Pow consensus by the developers.
Any blockchain can include the unique feature known as Stealth Address, but doing so requires skilled programmers who can do it without any problems.
This technology was previously discussed by Ethereum developers, but now the Ethereum community is seriously taking notice of it.
The Soulbound tokens based on the ERC-721 token standard could become entirely anonymous if Stealth Address is added to the Ethereum blockchain, making them more secure to use.
But the fundamental issue with this is that it raises additional concerns about the blockchain network’s decentralized character.
For Ethereum backers, even so, this idea is taken out of context because they feel that the Ethereum blockchain doesn’t require the use of this kind of idea technology because it may lose some openness characteristics and may welcome some concerns, such as people abusing the platform while remaining anonymous.
Nevertheless, there are already several cryptocurrencies with an emphasis on anonymity, such as Monero and Litecoin, thus there is a risk that Ethereum developers will disregard this proposal.
The Ethereum blockchain project is now undergoing an upgrade called “the merge.” The Ethereum network will switch to Proof-of-Stake this year as part of this upgrade strategy, and other developers will be able to provide high scalability and effectiveness to the network to make it cheaper for small Ethereum blockchain ecosystem customers.
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