CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Ethereum to Improve ERC-20 Token Standard for Privacy
Table of Contents
Market Musing-g

Ethereum to Improve ERC-20 Token Standard for Privacy

TheCoinrise Media
By TheCoinrise Media
Created 2 months ago, last updated 2 months ago
3 mins read
Ethereum to Improve ERC-20 Token Standard for Privacy
Ethereum, a leading blockchain platform known for its smart contracts, is set to improve privacy for its ERC-20 tokens. Circle, a stablecoin issuer is leading this change. In collaboration with Inco Network, Circle’s research team released a Whitepaper called “Confidential ERC-20 Framework,” which explains how to make ERC-20 tokens more private and secure.

Details of ERC-20 Framework Features

The Confidential ERC-20 Framework has four main features. These features will afford users more control over their financial information and expand the use of ERC-20 tokens. The first feature is an advanced privacy layer that keeps sensitive user data confidential during transactions. The second part is a set of tools for managing risks. These tools help organizations meet privacy rules and regulations, especially in strict markets. 

Furthermore, the ERC-20 tokens will focus on creating various applications beyond traditional decentralized finance (DeFi). This includes private lending, decentralized voting, and other cases where privacy is important. 

The final innovation is the key technology of the Confidential ERC-20 Framework. This framework uses Fully Homomorphic Encryption (FHE) on the Ethereum Virtual Machine (EVM) dApps. FHE allows calculations on encrypted data without decrypting it while keeping secure data throughout the process. 

As Circle advances this proposal, the Confidential ERC-20 Framework could set new standards for privacy in Ethereum. This framework will support the next generation of applications focusing on decentralization and privacy.

Ethereum Positioned as a Universal Tool

Vitalik Buterin, Ethereum co-founder highlighted Ethereum’s founding philosophy a few days ago. At first, he compared the Ethereum address to the principle of “text as a universal interface.” By this analogy, he positioned the ETH address as a universal tool for authorization across the blockchain ecosystem. Then, he called it the philosophy behind the main alternative blockchain.
It is also worth noting that in recent weeks, Buterin has proposed a few solutions via some dedicated enhancements that could improve Ethereum’s future potential. So far, he discussed The Merge, The Scourge, The Surge, The Verge, and The Purge. Meanwhile, Buterin acknowledged that the network is working on alternatives, including grants that allow recipients to stake ETH independently.

Vitalik Unveiled Plan to Address Quantum Risks

Recall that the visionary co-founder revealed a comprehensive strategy to fortify Ethereum’s defenses against threats posed by quantum computers. Also, he outlined a potential recovery plan in a quantum emergency. The plan was revealed in his latest research titled “How to hard-fork to save most users’ funds in a quantum emergency.” He proposed diverse measures ti safeguard users’ funds in the face of quantum advancements.
Buterin stressed the significance of quantum-resistant cryptography in protecting the Ethereum system against the threat of malicious entities. Additionally, he suggested deactivating conventional externally owned account (EOA)-based transactions.
0 likes
|

Other articles published on Oct 29, 2024

Market Musing-g

Sequoia to make $100M windfall from Stripe’s Bridge acquisition: Report

Sequoia Capital is reportedly set for a $100 million windfall from Stripe’s acquisition of Bridge, as the largest of a group of VC firms with stakes in the stablecoin platform.
By Cointelegraph
2 months ago
3 mins read
Market Musing-g

Liquidity.io to launch with over a Billion in LOIs in Alternative Investments after ARQ Securitie...

Whitefish, Montana, 29th October 2024, Chainwire
By The Crypto Times
2 months ago
4 mins read
Market Musing-g

'Rich Dad Poor Dad' Author Kiyosaki Gives Lesson on Money as Bitcoin Teases All-Time High

Robert Kiyosaki, 'Rich Dad Poor Dad' author, delivers words of wisdom as Bitcoin nears price record
By U_Today
2 months ago
2 mins read
Market Musing-g

Dormant for 12 Years, Bitcoin Whale Wallet Awakens with Millions in Motion!

One of the most significant whale movements in Bitcoin history recently occurred as a wallet, inactive since 2012, suddenly showed signs of life. Holding 749 BTC (worth approximately $53.2 million)...
By The Bit Journal
2 months ago
4 mins read
Market Musing-g

Can This Under-the-Radar Altcoin Outpace Ethereum and Solana? Experts Predict Major Gains!

An unassuming altcoin priced at just $0.035 is drawing significant attention in the crypto world. Experts are buzzing with predictions of a staggering 10,000% surge. This modest token could potenti...
By The Crypto Times
2 months ago
4 mins read
Market Musing-g

Binance Labs's Latest Investment: What Is Lombard Finance?

Lombard’s key product, LBTC, allows Bitcoin holders to earn rewards through staking while maintaining full liquidity of their assets.
By BSCN
2 months ago
4 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!