Ethereum Blockchain Privacy Can Be The Next Big Thing

Get ready to transact NFTs anonymously as Ethereum could get a massive privacy upgrade to the ERC-721 standard.

The discussion around Ethereum transaction privacy is here with Vitalik and other members of Ethereum discussing how private NFT transactions might take place in the future. The reason this is a controversial topic, is because with the blockchain, all transactions are stored forever in an immutable ledger, and everyone can access transaction history at any time and see exactly who the sender and receiver are.

This article will not answer a questions like: “are we ready for privacy on the blockchain” or other wide topics that address human nature and morality. Generally speaking, if a system is exploitable, human race has shown again and again its tendency to do so. What this article will do, is explore how private NFT transactions might work on Ethereum, the level of privacy that is expected and how this will affect Ethereum’s general view on transaction privacy, outside of NFT transfers.

The Scope of the Current Idea

In a tweet sent by Vitalik, he links to a discussion on the Ethresearch forum where him alongside other developers are discussing a potential implementation for Stealth addresses for ERC-721 which is the standard NFT contract on…