Can Monero's Crypto Privacy Model Be Adopted On Ethereum's Network
July 30 2018 - 09:04AM
ADVFN Crypto NewsWire
Some feelers have suggested the possibility of incorporating a
blockchain privacy feature resembling those of the Monero blockchain, for the Ethereum network.
Consequently, the events trailing the mentioning of this topic
has continued to feature different comments and reactions from
various quarters. The accompanying advantages are something to
relish for a long time, and a good number of developers on the
Ethereum platform are sure to welcome the
development with both hands.
However, there are a whole lot of things to consider, which have
seemed to present themselves as the stumbling block as far as
implementation is concerned. For instance, a privacy-based network
would require more storage spaces, as well as increases transaction
fees.
Blockchain protocol researchers
have swung into action and have come out with a proposed framework
– the Mobius.
Mobius is expected to use a mixture
of solutions to come out with a perfect working model. The model
would come with accompanying features that would still effectively
CLI down on high transaction fees, and optimum scalability
ratios.
Analysts say that if the Monero's Mobius model
is used on the Ethereum network, then we would see a complement
function in a hybrid that works well. Hence, the “new ethereum”
would be able to effectively conceal user identities, as well as
send anonymous payments.
In the sequel to this, UK-based distributed ledger startup
Clearmatic™ claims it has worked on an implementation plan that
would be able to make the necessary add-ons on the smart contract
network subtly.
The incorporation of Mobius would also have far-reaching
positive effects on the many smart contracts that are hosted on
Ethereum.
The Challenges On Monero Mobius Road To Implementation
Although the advantages of the Monero Mobius on Ethereum are
well acknowledged, it doesn’t yet look like there are any plans to
consider it, in the first place. The air of uncertainty may have
come about as a result of the many issues that need urgent
attention on the overall Ethereum network.
Asides this, many current users on the network don’t seem to
understand the underlying advantages contained in mixing
technologies. According to one of the mix technology proposer
Rebekah Mercer, if a practical implementation is to pull through,
then there must be some form of education, which makes people
understand why these decisions should be made.
The Way Forward
There are no doubts about people’s desire to use the blockchain
network with some adequate privacy and anonymity ensuring features.
If the Ethereum network doesn’t ensure the implementation of a
Mobius-like framework at least, then they may need to sort out
other solutions for the future. If nothing is done in this
direction, it may not be surprising to see a negative impact of it
on the network, in the next few years.
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