With the growing popularity of cryptocurrencies and the development of new blockchain networks, the need for wallet improvements has become more pressing. Currently, their functionality has hardly changed since 2017, and users face the challenge of mastering complex processes, especially with the rise of L2 networks. Vitalik Buterin has proposed a new standard for Ethereum wallets aimed at simplifying cryptocurrency management, improving security, and enhancing privacy.
The Ideal Ethereum Wallet: Vitalik Buterin’s Vision
1. Enhanced Security
One of the main goals of the new standard is to protect users from both hackers and their own mistakes. To achieve this, Buterin suggests a two-tier key system: one for everyday transactions and another for larger ones, providing an added layer of security for funds.
2. Privacy and Anonymity
Current methods of token storage and transfer are too easily traceable, undermining user privacy. Buterin proposes introducing private balances and pools to hide activity, as well as the ability to generate hidden addresses for receiving funds, ensuring that transactions remain anonymous.
3. Improved Layer 2 Integration
The new standard envisions automatic management of transactions between different layers of Ethereum, making it easier to interact with Layer 2 and other scaling solutions. This will make the network more intuitive and accessible to users, regardless of their technical expertise.
4. Simplifying Payments with QR Codes
To make Ethereum more accessible to a broader audience, Buterin suggests implementing standard QR codes for payments. This would speed up the mass adoption of blockchain technology and make it easier for users to engage with the network in their daily lives.
5. Support for ZK Technologies
Zero-Knowledge (ZK) technologies allow data verification without revealing it, enabling private transfers and secure interactions with applications. This will help ensure user privacy and the security of their funds.
6. Social Recovery and Multisignature
To reduce the risks of losing access to wallets and funds, Buterin proposes implementing social recovery mechanisms and multisignature transactions. These features will provide additional protection and simplify the process of regaining access for users.
Why This Matters
The wallet is a critical element for interacting with cryptocurrencies. By making wallets more secure, private, and user-friendly, blockchain technology will become more accessible and appealing to a wider audience, marking an important step toward the mass adoption of these technologies.
