🤫 Vitalik Buterin's Stealthy Move: Ethereum's Privacy Solution - CoinBasics Newsletter #6

Hey Coinbasics fam, have you heard the latest? Vitalik Buterin has proposed a solution to the age-old problem of privacy on Ethereum and Chat GPT Overachiveing 🤯. Hold onto your hats, folks, because we're about to get technical in a simple - easy to understand language.

1. Stealth addresses, baby! 🤫

Are you tired of your grandma knowing how much you're worth in crypto? Well, have no fear, Vitalik Buterin is here! The creator of Ethereum, has proposed a solution to the issue of privacy on the platform. In a recent blog post, Buterin acknowledged the need for a privacy solution because, by default, all information recorded on a public blockchain is publicly accessible. And let's face it, we don't want our grandma's to know about our crypto wealth.

Buterin suggested the idea of "stealth addresses" as a way to potentially anonymize various types of transactions on Ethereum, such as peer-to-peer transactions, non-fungible token transfers and Ethereum Name Service registrations, thus providing privacy to the users. It's like a secret knock to get into a speakeasy, but for your crypto transactions.

The process starts with the recipient generating and keeping a "spending key", which is then used to create a "stealth meta-address." This meta-address is then given to the sender, who uses it to perform a computation and generate a "stealth address" that is of the receiver. It's like a game of telephone, but for your crypto transactions.

Buterin noted that to ensure the link between the stealth address and the user's meta-address is not publicly visible, a "Diffie-Hellman key exchange" and a "key blinding mechanism" must be implemented. He also added that a technology called ZK-SNARKs, which is a cryptographic-proof technology with built-in privacy features, could be used to transfer funds to pay for transaction fees. It's like a secret handshake, but for your crypto transactions.

However, Buterin pointed out that this solution may have its own drawbacks in the short term, as it would cost a lot of gas, potentially adding hundreds of thousands of gas to the cost of a single transfer. But, let's face it, it's worth it to keep our grandma's from knowing about our crypto wealth.

The concept of stealth addresses has been proposed as a solution for on-chain privacy issues on Ethereum for several years, but few solutions have been implemented so far. But, it looks like Buterin is on the case! So, let's all just sit back, relax, and let Buterin work his magic to keep our crypto transactions private.

In conclusion, stealth addresses can be implemented fairly quickly today, and could be a significant boost to practical user privacy on Ethereum. It's like a secret club, but for your crypto transactions. And who doesn't love a good secret club?

Here’s How hard everyone else makes it for you to understand the same thing :

2. ChatGPT Aces Wharton MBA, The BAR & US Medical License Examination.

In a shocking turn of events, Chatbot GPT has now passed not one, but three major professional examinations. GPT, known for its advanced language processing capabilities, has now passed the Wharton MBA Exam, the Bar, and a US Medical License Examination.

The news has taken the professional world by storm, as experts are questioning how a machine could pass such rigorous and complex exams. GPT's creators at OpenAI have stated that the chatbot was trained on a massive dataset of educational materials, allowing it to acquire the necessary knowledge to pass the exams.

Many are now questioning the future of professional certifications and the role of artificial intelligence in the workforce. GPT's success in passing these exams has raised concerns about the potential for machines to replace human professionals in various fields. However, OpenAI has stated that their goal is not to replace human professionals but rather to assist them in their work.

The news of GPT's success has also sparked interest in the potential for other chatbots and AI systems to pass professional exams. This could revolutionize the way we think about education and professional development, making it more accessible and efficient for everyone.

As for the future of GPT, it remains to be seen what professional path it will take. Will it become an investment banker, a lawyer, or a doctor? Only time will tell. But one thing is for sure, GPT's success in passing these exams has opened up a whole new world of possibilities for artificial intelligence and its impact on the workforce.

That's all for today, folks. Stay tuned for more Web3 content & news. We break down the nitty-gritty of the crypto world for you.

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This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and DYOR. #StaySAFU

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