ETHEREUM AND PRIVACY - Metropolis - New changes coming - What to Expect?
Metropolis Is Coming!
What to expect?
Metropolis is an exciting upgrade to Ethereum, moving the network another step closer to “proof of stake” consensus.
Metropolis will include: Zero Knowledge Proofs (zk SNARKs)
The Metropolis release will integrate zk SNARKs into the Ethereum network, a method to anonymize transactions that was made famous by its use in the Zcash cryptocurrency. These zero knowledge proofs will enable users to privately store data on the blockchain, opening up an entirely new array of applications.
Ethereum and Bitcoin are considered “anonymous” by the mainstream media, however the reality is very different. Transactions can and have been traced back to individuals, and storing private data on a public blockchain is considered to be extremely insecure.
The privacy leak will likely still exist. Even though contracts will be able to pay for their own gas, you still sign all your interactions with the contract with your key, and there's a public record of it. Everyone will still know what method on the contract you called, what parameters you gave it, and what the method does.
Great to see we are moving away from Proof of Work and more towards Proof Of Stake. The reason I like Proof Of Stake as it is more resilient to a 51% attack. On Proof Of Work an attacker would significantly slow down the ETH as well as to revert the attack it will take a lot of resources which PoS doesn't take up.
I guess it is time to save some resources as bitcoin and ETH already use a tremendous amount of energy and maybe when blockchain technology becomes the next big thing we may use more energy than we have.
It is true that many people think that BTC and ETH are anonymous but I guess that would be more of a red herring as you can still trace where transactions are going due to how transparent the system is. I can't wait to see the Zero Know Proofs in action @surfyogi
There are numerous alt coins exist which advocates anonymity. For example, Verge, Monero. But the fact is Ethereum is based on smart contracts and have great real world applications as of now, I guess the implementation of zk SNARK's will definitely give a boost to ETHEREUM current price. Although, anonymity is always a requirement people demands in Cryptocurrency. Now, with Ethereum, it'll also be possible.
let's see the its effects on current price of ETH.
The only way to have anonymity is to make the entire network anonymous. Having any transactions open means that the chain can be strung together.
Besides, at least in the US, everyone gets onto the crypto highway with full identification which establishes the starting point of all transactions.
If you know what you are doing; you buy from anonymous parties...
That is true....although many, especially newer people. start with the Coinbases of the world.
Although the stability does provide them a bit of safety albeit at an expensive price.
There are also mix master exchanges, and it makes anonymous usage possible.
I intend to find a good one soon...
Do you think this will increase the price of Etherum in future?
yes
Great, the problem out here in India is that we do not have a good exchange on Etherum.
So buy LTC, BTC, Dash or whatever and then use an open market exchange to convert?
If you use a VPN, it should not matter where you live, to purchase ETH.
Ok, will then try to buy Etherum as soon as possible.
Expect a totally volatile price. Will rise to $ 450
500?
Anything can happen. But it sure surpasses the wall of the $ 400
is there anyone worried about the decreased reward of mining from 5 to 3 ether ? I am confused..
thanks for the source: https://ethereumprice.org/ground-breaking-metropolis-release-flying-radar/ , love his oppinions so far. Tackles possible questions people might ask on this post as well.
Ethereum currently using the prof of work consensus, which is costly, because it need a lots of computation power, miners use brute force to solve the hashes! In the prof of stake, the network will choose who has to verify the transaction, therefore it will be more energy efficient network! It will reduce the price and the time of a transaction! I think with this upgrade ethereum will be the winner over bitcoin! I expect a price boom after the upgrade!
Thanks for the topic!
Block chains and crypto will be ignored by the corrupt government , but I have no doubt it will rise above all of its odds