In Vitalik Buterinit’s recent blog postthe co-founder of Ethereum called on Web3 wallet developers to improve both security and privacy on their platforms.
Buterin outlined several key suggestions for developers, including Integration of privacy-focused tools directly into Web3 wallets instead of downgrading them to specialized privacy wallets.
Until now, users who wanted to make private transactions on Ethereum
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they had to download separate “privacy wallets.” Buterin noted that this creates friction for users and reduces adoption.
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“Private transfers should be integrated directly into wallets,” he said, adding that wallets should be able to manage a “private balance” (funded from a privacy fund) that allows for seamless, privacy-oriented transfers without the need for additional software.
Buterin also recommended add multi-signature authorization capabilities to all Web3 wallets. This would require multiple signers to authorize transactions, which would increase security across the Web3 ecosystem.
Furthermore, he also addressed the need for better integration between Ethereum Layer-2 (L2) scaling solutionsas Arbitrum
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and Web3 wallets.
With more than $50 billion locked in Layer 2 networks, according to data from L2Beat, facilitating seamless token transfers across these networks has become a priority.
Buterin’s call to improve privacy and security is just one step towards a more decentralized and user-friendly Ethereum ecosystem. An example of this is Buildernet, a new initiative that addresses the issue of censorship head-on. How is Buildernet leading the charge? Read the full story.
Having completed a master’s degree in Economics, Politics and Cultures of the East Asian region, Aaron has written scientific articles analyzing the differences between Western and collective forms of capitalism in the post-World War II era.
With almost a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that cryptocurrency enthusiasts face. He is a passionate analyst who cares about data- and fact-based content, as well as that which speaks to both Web3 natives and newcomers to the industry.
Aaron is the go-to person for all things digital currencies. With a strong passion for blockchain and Web3 education, Aaron strives to transform the space as we know it and make it more accessible to beginners.
Aaron has been quoted by several established media outlets and is a published author himself. Even during his free time, he likes to research market trends and look for the next supernova.
