Vitalik Buterin, the co-founder of the Ethereum cryptocurrency, has proposed to create hidden addresses for non-fungible tokens (NFTs). He noted that this would allow the exchange of virtual assets to continue, but no one will know the name of the new owner of the cryptocurrency.
Buterin’s idea was to create hidden addresses for ERC-721 standard tokens based on the Ethereum blockchain. According to him, this will significantly increase the level of privacy of the entire NFT ecosystem, which will become a new impetus for its development. The developer stated that as a result of such innovations if he receives an NFT on vitalik.eth, then no one except himself will be able to know that Vitalik has become the new owner of a digital art object.
Earlier, a similar proposal appeared on the network from a particular user Nerolation, who expressed a desire to use the Merkle tree model and ZK zero-knowledge technology. Still, Buterin formulated the idea of introducing a simpler model.
According to him, privacy at the level of the ZK-SNARK solution is not needed since each ERC-721 token is unique, and therefore there is no way to create an anonymous data set for such an asset. Many social media users have begun to speculate about this idea. Some disagreed with Buterin, saying that the Ethereum founder’s proposal contradicts the concept of blockchain transparency.
Users also noted: Buterin has been actively speaking out in favor of increasing the level of privacy in Ethereum for 4 years.
However, not all users supported it. Network members have criticized Ethereum-developed Tornado Cash as a privacy tool for being very popular with scammers.
