“`html
The Ethereum Foundation has unveiled a blueprint to implement end-to-end confidentiality features for the Ethereum network, a layer-1 (L1) smart contract blockchain, and has rebranded its “Privacy & Scaling Explorations” initiative to “Privacy Stewards of Ethereum” (PSE).
PSE expressed its intention to provide confidentiality solutions to the protocol, infrastructure, networking, application, and wallet tiers in Friday’s declaration, and outlined several primary objectives for the upcoming 3-6 months.
These included facilitating private transfers through the creation of the PlasmaFold layer-2 network, secure voting, and confidentiality in decentralized finance (DeFi) applications.
The blueprint also suggested investigating a solution for personal data being disseminated via remote procedure call (RPC) services and confidential identity solutions utilizing zero-knowledge (ZK) proofs, a method of verifying data without disclosing the actual details of that data. PSE defined its mission:
“Ethereum deserves to evolve as essential infrastructure for global digital commerce, identity, collaboration, and the internet of value. Yet, this potential is unattainable without confidential data, transactions, and identity. We accept responsibility within the Ethereum Foundation for guaranteeing that privacy objectives at the application layer are achieved.
“We’ll collaborate with protocol teams to ensure that any L1 adjustments required to enable robust, censorship-resistant, intermediary-free privacy occur,” the declaration continued.
Confidentiality has always been central to the cypherpunk philosophy that birthed cryptocurrencies, and as crypto achieves widespread acceptance and garners the attention of governments, the crypto community is increasingly apprehensive about advancing digital financial oversight methods.
Related: EU Chat Control hinges on Germany’s decision
The US government suggests government identity verification for DeFi
US government representatives are currently considering regulations for the cryptocurrency sector and markets, which may encompass potential surveillance measures to monitor participant activities.
The US Department of the Treasury, led by Secretary Scott Bessent, is investigating proposals to introduce government identity checks to smart contracts, which has faced backlash from the cryptocurrency community.
Ethereum co-founder Vitalik Buterin has consistently stated that confidentiality is a fundamental human right. In April, Buterin cautioned that transparency is more akin to a flaw, rather than a feature, in the contemporary digital age.
Buterin argued that privacy is crucial for safeguarding individuals amid escalating state influence and large, centralized corporations.
Magazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide
Source link
“`