“We need a first step toward more privacy,” Vitalik Buterin, founder of the ethereum blockchain network, said Wendesday.
In a new HackMD post, Buterin detailed a design to help obscure ethereum user activity on the blockchain. More specifically, Buterin proposed a “minimal mixer design” aimed at obfuscating user addresses when sending fixed quantities of ether (ETH).
According to Buterin, users can transact in one of two ways. “The default behavior” is to send and receive ether from a single account, which, of course, also means that all of a user’s activity will be publicly linked on the blockchain. Alternatively, users can transact through multiple accounts or addresses. However, this too isn’t a perfect solution to obfuscating user activity on the blockchain.
“The transactions you make to send ETH to those addresses themselves reveal the link between them,” detailed Buterin in his post.
As such, by creating two smart contracts on ethereum – “the mixer and the relayer registry” – users can opt-in to making private transactions on the ethereum blockchain through what is called an anonymity set.
Buterin told CoinDesk in a follow-up email:
“Anonymity set is cryptography speak for ‘set of users that this thing could have come from.’ For example if I sent you 1 ETH and you can’t tell who exactly it was from but you can tell that it came from (myself, Alice, Bob or Charlie), then the anonymity set has size 4. The bigger the anonymity set the more privacy you have.”
Buterin added that the design does not require any changes to ethereum on a protocol level but could be something implemented by a group of users today.
To this point, Eric Conner, product researcher at blockchain startup Gnosis, noted that a key strength of Buterin’s proposal was precisely its ease for integration.
“Strengths are it gives us a solid privacy solution if users want it,” Conner explained. “The goal is to make a solution that can be easily integrated into current wallets.”
At the same time, the design proposed by Buterin does require users to pay a fee – called gas cost – in order to send private transactions. However, for the use cases that Buterin envisions in his mind the fee won’t be a major deterrent for users
Buterin tweeted about the design:
“The main use case I’m thinking of is a one-off send from one account to another account so you can use applications without linking that account to the one that has all your tokens in it. So even though it is a 2m gas cost, it only needs to be paid once per account, not too bad.
Ethereum (ETH/USD) forecast and analysis on June 18, 2019
Cryptocurrency Ethereum (ETH/USD) is trading at 269. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator.
Ethereum (ETH/USD) forecast and analysis on June 18, 2019
As part of the Ethereum course forecast, a test of level 265 is expected. From where we can expect an attempt to continue ETH/USD growth and further development of the upward trend. The purpose of this movement is the area near the level of 287. The conservative area for buying of Ethereum is located near the lower border of the Bollinger Bands indicator strip at level 252.
Cancellation of the option to continue the growth rate of Ethereum will be the breakdown of the lower border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair below the area 248. This will indicate a change in the current trend in favor of a bearish for ETH/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bars, one should expect an acceleration of the fall of the cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on June 18, 2019 implies a test level of 265. Further growth is expected to continue to the area above the level of 287. The conservative area for buying Ethereum is located area of 252. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 248. In this case, we should expect a further fall.
Polish banking giant Alior to leverage Ethereum blockchain for first public ledger
While financial institutions still maintain the preconceived notion of cryptocurrency as a threat to their existence, the mass adoption of cryptocurrency and blockchain technology can no longer be ignored. With 2019 witnessing a surge in token offerings and the participation of a large number of non-financial players, some banking organizations have started to provide crypto/blockchain-based services as a primary differentiator.
In a recent development, the Polish banking giant Alior announced a new service offering aimed at allowing customers to maintain and tally immutable official records. According to the report, the banking company took the bold step of leveraging a public Ethereum blockchain for document authentication, which contradicts the traditional bank’s notion of maintaining private ledgers.
Alior’s Blockchain Strategy Lead, Tomasz Sienicki, commented,
“Our mission is to be disruptive, so we want to provide innovative solutions, and we want other banks to follow us as well. We welcome if somebody copied our solution. We are showing that it’s possible to use public blockchain even if some people think it’s impossible.”
While the main driver for making the decision can be linked backed to the Polish regulation that requires banks to provide customers a durable access to documents, Alior representatives confirmed that the blockchain-based system maintains compliance with existing federal regulations. Further, Sienicki said,
“Everybody can copy this code and use it for his or her purposes. We encourage people to do so.”
While Alior’s initiative is a reflection of the massive role of blockchain in the future of finance, several other financial giants including JP Morgan have invested in crypto-related products to enable real-time payments between institutional clients. Alior is the first banking institution to have developed a network technology that can be joined by other companies, making the experience more transparent.
Ethereum Price Analysis: Here Is Why ETH Bulls Remain In Control
- Ethereum price started a solid rise above the $258 and $265 resistances against the US Dollar.
- ETH price seems to be facing a tough barrier near the $278-279 resistance zone.
- There is a crucial bullish trend line forming with support near $266 on the 4-hours chart (data feed from Coinbase).
- The price must stay above the $265 and $266 support levels to clear the $279 resistance area.
Ethereum price is placed nicely in an uptrend above $265 decline against the US Dollar. ETH could climb higher sharply once it surpasses the $278-279 resistance zone.
Ethereum Price Analysis
In the past few days, there was a steady rise in Ethereum price from the $252 swing low against the US Dollar. The ETH/USD pair traded above the $255 and $260 resistance levels. The pair even broke the $265 resistance and settled above the 55 simple moving average (4-hours). Finally, there was a test of the key $278-279 resistance zone, where sellers took a stand.
A swing high was formed near $279 and the price recently corrected lower. It broke the $272 level and the 23.6% Fib retracement level of the upside from the $252 low to $279 high. However, the correction found support near the $265 support area. Moreover, there is a crucial bullish trend line forming with support near $266 on the 4-hours chart.
The 50% Fib retracement level of the upside from the $252 low to $279 high is also acting as a buy zone. If the price fails to stay above the trend line and $265, there could be a downside extension. The next key support is near $258 or the 76.4% Fib retracement level of the upside from the $252 low to $279 high. If there are more losses, the price could test $255 and the 55 simple moving average (4-hours).
On the upside, the $278-279 resistance zone holds a lot of importance. If there is an upside break above the $278-279 resistance zone, the price could accelerate towards the $288 swing high. Above $288, the price is likely to surge towards the $300 and $305 levels.
Looking at the chart, Ethereum price is clearly struggling to surpass the $278-279 resistance zone. If it continues to struggle, there are chances of a downside correction below the $265 and $260 support. If not, the price could climb towards the $300 and $305 levels in the near term.
4 hours MACD – The MACD for ETH/USD is slowly moving into the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is declining towards the 50 level.
Key Support Levels – $265, followed by the $258 zone.
Key Resistance Levels – $279 and $288.