BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

Vitalik Buterin Planning to Create Stealth Addresses for NFT Transactions

by BlockNews Team
August 10, 2022
in NFT
A A
Vitalik Buterin Planning to Create Stealth Addresses for NFT Transactions
1
SHARES
Share on TwitterShare on Reddit

Ethereum co-founder Vitalik Buterin wants to provide safer passage for businesses and individuals involved in the NFT market. He proposed that non-fungible tokens should have a more straightforward, private system for safer buys. 

He wants to create a new streamlined smart contract wallet transaction that lets the sender block their address from a third party, hence the “stealth address.”

While this could be a dream come true, he admits that the Ethereum blockchain will need to find a solution to cut gas fees up to 50 times.

But, would it be possible?

Transparency is the Current Problem

Sure, privatized transactions are good, but how do both parties know that the money and product are going to the right hands? To this day, Web3 developers are still looking for ways to make blockchain purchases more streamlined so the general crowd does not have a hard time including transfer fees, various gas prices, multiple wallet types, and the like. 

After all, there have been many cases of users stealing IP addresses from NFT marketplaces like OpenSea and Magic Eden.

Trust is needed for both the buyer and the seller, and if the issue already happens with fiat money, what more with crypto money? 

In an investigation by Convex Labs, researcher Nick Bax took a closer look at how either party in the transaction steals an IP address. Convex Labs tested this with a custom code that logs the viewer’s IP address and shares the information with the seller when the NFT listing has been seen.

Quickly enough, Bax made a faux listing of The Simpsons x South Park collaboration NFT titled “I just right click + saved your IP address.”

Sense of Urgency Follows

Web3 developers must act fast if investors and large companies want to ensure their customers get what they want. NFT-based platforms and transactions have recently been under fire from hackers. 

Since January 2022, attackers have stolen around $8 billion from multiple exchanges and games, including Axie Infinity, Beanstalk Farms, Bored Ape Yacht Club, and Solana-based wallets. 

Tags: ethereumNFT
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?
Crypto

Yuga Labs Sells Off Moonbirds IP to Double Down on Bored Apes and Otherside — Bullish Signal for BAYC?

May 30, 2025
FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means
Crypto

FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means

May 24, 2025
Hester Peirce Slams SEC for Killing NFT Innovation: Confirms Many NFTs are NOT Securities
Crypto

Hester Peirce Slams SEC for Killing NFT Innovation: Confirms Many NFTs are NOT Securities

May 19, 2025
Conflicting Signals for AVAX: NFT Mania vs. Weak Demand
Crypto

Conflicting Signals for AVAX: NFT Mania vs. Weak Demand

May 17, 2025
JRNYERS on Cardano: A New Chapter Begins Right Now
Cardano

JRNYERS on Cardano: A New Chapter Begins Right Now

May 16, 2025
Yuga Labs Transfers CryptoPunks IP to Nonprofit for Preservation: Is This Bullish or Bearish?
Crypto

Yuga Labs Transfers CryptoPunks IP to Nonprofit for Preservation: Is This Bullish or Bearish?

May 13, 2025
Load More

Related News

TRX Finds Its Floor as IPO Hype and Political Buzz Stir Up the Market

TRX Finds Its Floor as IPO Hype and Political Buzz Stir Up the Market

June 21, 2025
Dogecoin to $5? One Analyst Thinks It’s Coming—and Has Charts to Back It Up

Dogecoin to $5? One Analyst Thinks It’s Coming—and Has Charts to Back It Up

June 21, 2025
Solana vs Litecoin: Who’s Closer to That Sweet ETF Approval?

Solana vs Litecoin: Who’s Closer to That Sweet ETF Approval?

June 21, 2025
Binance Coin Builds Tension Beneath Resistance as Traders Brace for Impact

Binance Coin Builds Tension Beneath Resistance as Traders Brace for Impact

June 21, 2025
XRP Ledger Shatters Record with 5.1 Million Transactions in a Day

XRP Ledger Shatters Record with 5.1 Million Transactions in a Day

June 21, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.