Ethereum platform adds CrytoNote-like ring signature

The Ethereum technical development team is adding a CryptoNote-like ring signature to the Ethereum platform, which will give Ethereum users anonymity capabilities similar to CryptoNote-powered currencies such as Monero.

Ethereum founder Vitalik Buterin posted a statement on Reddit last week, announcing the github update and answering any questions from the Ethereum community online.

Vitalik pointed out that the protocol is currently in the early stages of development, and users with a software development background may find it easier to understand and use it, but he wants to see from the perspective of ordinary users that enough active people need to participate in its use to achieve better results. Of course, even under ideal conditions, this system has not been tested, so it cannot be considered safe.

However, the protocol is relatively easy to implement like the previously developed protocols, and the code looks simple and clear, which once again proves how powerful and adaptable Ethereum's programming language Serpent is.

This protocol is not developed as a complete replacement for anonymous currencies like Monero. CryptoNote-like ring signatures are not built on Ethereum itself, but on another layer on top of Ethereum. The gas limit for each block on the Ethereum blockchain is 3.1 million. If this protocol is implemented in the underlying protocol and takes effect by default, it will limit Ethereum's ability to scale.

Buterin and others believe that using the system that Ethereum has developed, the cost will drop significantly. But it is almost impossible to open and use the service by default forever (like some specially designed virtual currency). Buterin foresees a situation where Ethereum hybrid applications will be built on the Ethereum blockchain, allowing hybrid services without trust relationships.

How this fits into Ethereum’s larger plans for complex transactions, DACs, and all the other future applications remains to be seen, but Buterin is confident that these two powerful technologies will find their way into the future.

Original article: http://coinjournal.net/ethereum-adds-cryptonote-like-ring-signatures-pre-alpha/
By Ian Demartino
Translator: gsj
Reward address: 1DHs7hZMdx6tgUHdqXiub3XrovrF6Pte7y
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/cryptonote-ring-signatures‎)