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1 day ago
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ARTICLE AD BOX
Vitalik Buterin, the co-founder of the Ethereum network, has outlined the positives of using Ethereum to curb the cybersecurity crisis.
With the rise in digital payments comes a growing concern for cybersecurity threats and rising global political strains. As a result, authorities in Sweden are urging citizens to prioritize cash usage, the Guardian reports.
In response to the new development, Buterin points to Ethereum as a noteworthy decentralized alternative to the situation, highlighting the dangers of centralization in the digital payment space.
“Nordics are walking back the cashless society initiative because their centralized implementation of the concept is too fragile. Cash turns out to be necessary as a backup.” He asserted.
Convinced that the Ethereum network could provide sustainable solutions in the long term, Buterin stressed the importance of Ethereum maintaining stability and prioritizing privacy to fully integrate as a decentralized alternative.
“Ethereum needs to be resilient enough, and private enough, to be able to credibly play this kind of role.” He added.
Buterin further shed light on the critical role the zero-knowledge (ZK) proof solution could provide. One X user observed that the zero-knowledge (ZK) proofs, used to carry out fully offline private transactions, could be instrumental in facilitating this new development.
Zero-knowledge proofs (ZKPs) are especially useful for privacy protection, as the cryptographic method is designed to provide knowledge about a piece of data without exposing it.
Remarkably, Buterin stated that the network can already begin implementation. However, he explains that the significance of trusted hardware and enforcement mechanisms in this process poses a major challenge.
“We basically know how to do it, but with the limitation that any solution depends on trusted hardware and/or post hoc enforcement against double-spenders.” He wrote in a follow-up post shared with X.
English (US)