Connect with us

Ethereum

Gavin Andresen Speaks About Ethereum’s Tornado and Wallet Privacy

Published

on

Over the last couple of years. the former lead maintainer of the Bitcoin Core (BTC) repository Gavin Andresen has been quiet in regards to the crypto ecosystem. Andresen hasn’t been developing any projects and once in a while makes a comment or two about the digital currency industry. On Monday, January 13, Andresen shared the first blog post he’s written since November 2018, as he decided to review the zero-knowledge protocol for Ethereum called Tornado.cash.

Gavin Andresen’s Latest Blog Posts Discuss Wallet Privacy

Gavin Andresen was once the lead developer for the Bitcoin Core codebase after Satoshi Nakamoto handed Andresen the repository keys when the inventor left. Since then a lot has changed and Andresen hasn’t worked on the BTC project or any crypto concept in four years. Some crypto observers believe Andresen was ousted in 2016, when the Core development team removed his Bitcoin commit access. Once in a while, Andresen has made comments about the cryptocurrency industry and once tweeted that bitcoin cash (BCH) reminded him of the Bitcoin he worked on back in 2010.

On January 1, 2020, Andresen tweeted that, in his opinion, the most interesting cryptocurrency project in 2018 was Ethereum’s Crypto Kitties and Pooltogether in 2019. Then 13 days later, Andresen wrote a blog post about the project Tornado.cash, an Ethereum-based project that claims to break the onchain link between ETH recipient and destination addresses. Andresen said he’s been “playing around” with Tornado, the smart contract running on the Ethereum blockchain.

“When I say smart, I mean really wicked-smart,” Andresen stressed in his blog post. “[Tornado.cash] uses “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” cryptography (ZkSNARK) so the ether (or tokens) deposited into the contract can’t be linked to those that are withdrawn.”

Gavin Andresen Speaks About Ethereum's Tornado and Wallet Privacy

Andresen also noted that he wouldn’t be surprised if a paper is released in 2023 that shows “85% of tornado usage was not private.” “Not because the cryptography is broken, but because it is really hard for mere mortals to use something like Tornado (or Coinjoin or other similar technologies) in a way that doesn’t leak information about their wallet,” Andresen insisted. But Andresen’s post leads to the conclusion that most people will leak information about their mixed coins when consolidating them into one account he dubs the “Super Secret” wallet. “You have almost certainly accomplished nothing — Unless somebody else just happened to use tornado to move 117 ETH from one address to another in the same timeframe, it is easy to see that 0xabc and 0xdef are both owned by you — Your ‘Super Secret’

wallet isn’t,” Andresen emphasized.

The Ideal Private Wallet and Cashfusion
The former Bitcoin developer does think Tornado is a step in the right direction and called the project a “fantastic building block.” Following the blog post on Tornado, Andresen published another post on the same subject the following day. On Tuesday the developer explained his description of the type of wallet he’d like to leverage. Andresen explained the perfect setup for receiving Andresen’s dream wallet would give individuals a normal ETH address where they could receive some ether. “But after funds were received to that address, the wallet would automatically forward them into Tornado,” Andresen wrote. To the engineer, sending would be a three-step process, which includes one or more withdrawals from Tornado to a never-before-used address, sending the ETH to the destination address, and then re-deposit any leftover funds back into Tornado.

Gavin Andresen Speaks About Ethereum’s Tornado and Wallet Privacy

However, Andresen doesn’t seem to think there’s a simple solution and he also addressed the “change problem,” which can lead to transaction data leakage. Andresen said that a future version of Tornado could support depositing and withdrawing arbitrary amounts. “Which is the best solution to the problem,” the developer stressed. This issue is being tackled today, as Bitcoin Cash developers have been making strides with Coinjoin transactions that can be done in arbitrary amounts.

Bitcoin Magazine’s technical writer Aaron van Wirdum wrote an editorial about the subject on January 13 in a post titled: “Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: Cashfusion.” The writer explained that BCH developers claim Cashfusion can provide Coinjoin transactions without the equal amount requirement. “If true, this might drastically change how we think about privacy in Bitcoin as well,” van Wirdum detailed.

Gavin Andresen Speaks About Ethereum's Tornado and Wallet Privacy

Andresen’s post explains the problems with Coinjoin transactions and seems to hint that things could be improved. “I’d also be happy with an opinionated wallet that “rounds down balances for privacy” and automatically sent the change to the wallet developer’s favorite charity (or maybe goes to fund wallet development, or a little bit of both),” Andresen’s blog post on Tuesday notes. “Not a huge price to pay for privacy, especially if it goes to a good cause,” the developer concluded.

News Source

Click to comment

Ethereum

ETHEREUM: Will It Rise Again? – The Coin Republic

Published

on

  • Ethereum is one of the leading and most successful Cryptocurrency that is out there, it valued at 168.16 USD.
  • Analyst Bobby Ullery believes that blockchain technology will play a crucial role in the future economy and international trade.
  • The predictions state that in January Ethereum will make it to $720, and by the end of the year it will reach $1488.

Ethereum is one of the leading and most successful Cryptocurrency that is out there. As of now, it valued at 168.16 USD. There has been quite a momentum in the market price as we entered the New Year 2020.

People still have faith in ETH, and they predict that it will rise, and by the end of the year, it will equal or break its own all-time high back in 2017 when it increased by 10,000%.

Looking at the history of the Cryptocurrency market and its volatile nature, people still try to predict the price of the market. There are a few predictions that have gained much popularity. One is from online analyst Bobby Ullery, and the other is from CoinKir.

Eth Price Prediction by Analyst: Bobby Ullery

Analyst Bobby Ullery believes that blockchain technology will play a crucial role in the future economy and international trade. According to him, Bitcoin and Ethereum will each hold 25% of the entire cryptocurrency industry, which he predicts will have a total market capitalization of $4.5 trillion in 2020.

For the people who do not understand market capitalization pay close attention. You get the value when you multiply the number of coins in circulation with

the market value of each currency. The critical point to note here is that Ethereum does not have a fixed supply.

For Ullery’s prediction to come true, the Ethereum value should rise by 775%. This is not at all an unrealistic speculation considering its previous rises.

Eth Price Prediction by CoinKir

Coinkir gave another prediction by using technical price analysis. This method tries to find trends in price movements in the past — this method used in real-world financial markets.

But the problem arises is that the real world market has more than 50 years of data which is not available in the cryptocurrency market.

Although the predictions state that in January Ethereum will make it to $720, and by the end of the year it will reach $1488. If this prediction is correct, then the market capitalization of Ethereum will be $148 billion.

Apart from these predictions, some factors can gravely affect the price of Ethereum in the coming years. With the emergence of new protocols like plasma and sharding that meant to increase the number of transactions in a shorter time, If Ethereum inculcates these protocols, the prices will shoot up instantly.

Another factor is shifting from POW to POS will also help in the improvement of validating transaction much faster. Although these factors are highly effective, it is also essential to know that these ideas are in their early days, and no one knows how long will it take. One can only wait and keep himself updated with all these development.

News Source

Continue Reading

Ethereum

Ethereum Price Analysis: ETH/USD breaks above flag formation and $170 barrier

Published

on

  • The SMA 20 curve has crossed above the SMA 50, which is a bullish sign.
  • The RSI indicator is creeping along the edge of the overbought zone.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bulls made a comeback this Friday, following a bearish Thursday. The price went up from $164 to $171, breaking above the flag formation in the process. After falling back into the

20-day Bollinger Band this Thursday, the price managed to climb back above it, indicating that the asset is currently overpriced. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. Finally, the Relative Strength Index (RSI) indicator is creeping along the edge of the overbought zone, hinting that the market may go up a bit more before it faces bearish correction

news source
 

Continue Reading

Ethereum

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

Published

on

Cryptocurrency Ethereum (ETH/USD) is trading at 165. 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 stripes.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

As part of the Ethereum forecast, a test of level 160 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 183. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at level 147.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020

Cancellation

of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of ​​142. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.

Ethereum (ETH/USD) forecast and analysis on January 18, 2020 implies a test level of 160. Further growth is expected to continue to the area above level 183. The conservative buying area is located near area 147. The breakdown of the growth option for cryptocurrency will be the breakdown of level 142. In this case, we should expect further fall.

News Source

Continue Reading
Open

Close