Achieving privacy through existing top cryptocurrencies is very difficult. Neither Bitcoin nor Ethereum offer such functionality by default. StealthSwap may address this situation, at least where ETH transactions are concerned.
The Purpose of StealthSwap
Even though all Ethereum transactions are pseudonymous, they don’t offer privacy whatsoever. To achieve that extra level, users need to jump through several hoops, such as using mixers. It is far from ideal, and something needs to change. Enabling Ethereum privacy on the protocol level is being researched, but may take years to come to fruition.
StealthSwap can offer somewhat of an alternative. It is a new protocol capable of implementing shielded payments on Ethereum. This allows users to send and receive ETH and ERC20 transfers without exposing their personal information. It can be of great value to a growing number of users, especially with privacy coins showing there is a clear demand for such solutions.
All of this is made possible through Elliptic Curve Cryptography, OWL token, and ENS domains. Users can receive payments without leaving a trace. More importantly, this solution is built on the Gas Station Network. Keeping transaction costs down at all times is a big selling point. Ethereum transactions tend to be far too expensive to be used frequently.
Under the hood, there are no centralized keys or middlemen. Users will be in full ownership and control of their keys and funds. Through the StealthSwap SDK, the protocol can easily be implemented into any existing and future projects on Ethereum. This includes dApps, DeFi solutions, and so forth.
A Sign of Things to Come?
To a lot of people, it will prove vital to incorporate any layer of privacy they can get. While Ethereum may have some anonymity solutions already, they are all lacking. Using mixers is far from ideal, as it requires “trusting” the person running the show. Such aspects need to be avoided at all costs.
There are also barriers towards anonymity to take into account, Ethereum’s blockchain tracks user balances through the “accounts” abstraction, ensuring every transfer can be tracked to a specific holder. All of this shows a completely different approach needs to be explored sooner rather than later.
Whether StealthSwap will fill the gap, is difficult to determine. On paper, it seems to provide everything Ethereum users could want and a bit more. It is not available for testing on the main network yet, butt hat should be a matter of time.
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