Ethereum Welcomes Iranian Researchers' Proposal
By using this technology, users can recreate these Ethereums in another wallet by burning their Ethereums and proving it to the network.
In this context, the privacy of the user who burned Ethereum is preserved and Ethereum can be transferred to a second wallet without making a transaction.
Ethereum leaders believe that the technology promises to provide confidential transactions without weakening the security.
The proposal of the Iranian researchers presents a new idea under the title of ‘burning and restoration’. In the meeting of Ethereum developers, ‘Hamid Bateni, ‘Keyvan Kambakhsh’ and ‘Amir Kahouri, the team members, explained about the EIP-7503 proposal and presented their idea to improve the privacy of the Ethereum network and its applications while conducting privacy transactions.
Ethereum developers said that the idea of the proposal named EIP-7503 could take the privacy of the Ethereum network to a new level.
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.
Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014.
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