Vitalik Buterin calls for privacy integration in Web3 wallets to simplify private transactions.
Standardized wallet formats can ease token transfers across Ethereum's Layer-2 networks, says Buterin.
Dual-layer security with social recovery and timelocks can improve Web3 wallet safety, Buterin proposes.
Recently, the founder of Ethereum, Vitalik Buterin, called on developers of decentralized wallets to pay more attention to security and privacy aspects. In a blog post dated December 3, 2024, Buterin urged that such features be integrated into Web3 wallets seamlessly.
He stated that users cannot optimally leverage Ethereum’s principles without safe and privacy-oriented wallet designs. He argued that users cannot fully benefit from Ethereum's principles without secure and privacy-focused wallet designs.
https://twitter.com/VitalikButerin/status/1863901050819788912 Privacy as a Core Feature, Not an Add-On
Buterin highlighted that privacy should not be treated as a separate feature. Currently, users must rely on specialized "privacy wallets" for private transactions. This setup adds complexity and discourages the widespread use of privacy tools. Instead, he proposed integrating privacy features into standard Web3 wallets.
This would eliminate the need for additional infrastructure and encourage adoption. A suggested approach involves using a "private balance" or privacy pool within wallets. These funds could facilitate private transfers seamlessly, simplifying the process for users.
Simplifying Ethereum Layer-2 Transfers
The blog also addressed challenges with Ethereum’s Layer-2 (L2) networks, such as Optimism and Arbitrum. Transferring tokens between these networks is often complicated due to inconsistent wallet address formats. To solve this, Buterin proposed standardizing address formats across L2 networks. This change could improve the user experience and reduce friction in multi-network transactions.
Buterin further stressed the need for advanced wallet security to counter malicious activities. He recommended a two-layer security system combining social recovery and multi-signature technology.
Under this model, users would have a primary key for low-value actions. For high-value operations, "guardians" would approve transactions through majority consent. Additional security measures, such as timelocks, could provide extra protection, ensuring secure recovery while preventing theft.
Allegations Against ZKasino Raise Questions About Platform Security
Meanwhile, the decentralized betting platform ZKasino has been accused of misappropriating user funds. On-chain data revealed the platform used over 15,000 ETH for speculative trading. While the trades resulted in $3.22 million in profit, concerns over money laundering through chain-hopping activities have surfaced.
Buterin's call for better wallet security and transparency in Web3 applications comes at a crucial time. With rising concerns about user safety, these proposals could set new standards for the ecosystem.
The post Vitalik Buterin Urges Web3 Wallet Developers to Prioritize Privacy and Security Features appeared first on Crypto News Land.
