Ethereum Founder Vitalik Buterin Embraces On-Chain Privacy, Facilitates Huge Transfer on Railgun Protocol
Ethereum (ETH) co-founder Vitalik Buterin recently executed a substantial transaction using the Railgun protocol, underscoring his endorsement of on-chain privacy. Hereโs why Buterinโs move is causing a stir in the crypto space:
Buterinโs Transaction Highlights
- Arkham Intelligence data reveals Buterin transferred 100 ETH using the Railgun protocol, valuing approximately $325,000.
- Buterinโs involvement with Railgun spans over six months, engaging in regular small ETH transactions with the protocol.
Buterin Advocates for Privacy
Reacting to the development, Buterin emphasized the normalcy of privacy in transactions and lauded Railgun for its approach to safeguarding user information:
โRailgun employs the privacy pools protocol, which significantly raises the barrier for malicious actors attempting to infiltrate the pool without compromising user privacy.โ
Market Response and Significance
- Following Buterinโs public approval, RAIL, the utility token of the Railgun protocol, surged from $0.58 to $1.56, marking a remarkable 168% increase.
- Railgun garnered attention last year when the FBI linked it to North Korean hackers, particularly the Lazarus Group, for their illicit activities.
Privacy Protocol as a Tornado Cash Alternative
With Tornado Cash facing sanctions from the US Treasury due to its alleged misuse by the North Korean Lazarus Group for illicit financial activities, Railgun has emerged as a viable alternative for those seeking confidentiality in transactions.
Hot Take: Understanding the Impact of Buterinโs Advocacy for On-Chain Privacy on the Crypto Space
As Ethereum continues to evolve, Buterinโs embracement of on-chain privacy through his transaction with Railgun sets a precedent for the wider crypto community. By endorsing protocols that prioritize user confidentiality, he promotes a safer and more secure environment for crypto transactions.
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