What you need to know
Ethereum Foundation launched their new website “Privacy Stewards” A roadmap is being developed to ensure privacy in the entire stack. US regulators have also been pushing for stricter DeFi monitoring.
It is important to note that the word “you” means “you”. Ethereum [ETH] Foundation recently launched its “Privacy Stewards for Ethereum” initiativeA 6-month plan that includes features like decentralized identities, private transactions and secret voting.
It’s not random when it comes to timing.
Recently, U.S. regulators proposed new requirements regarding DeFi, while Ethereum is also under pressure with its record-high queue for validators. Privacy is now a necessity for survival.
The roadmap of a Private Ethereum
Privacy Stewards of Ethereum has a new name and rebranded as PSE. They have outlined a plan that will last 3-6 months to integrate privacy at every layer of Ethereum’s network. This includes the protocol, infrastructure, applications and wallets.
The project includes PlasmaFold development, the introduction of confidential voting and privacy enhancements in DeFi.
This roadmap proposes zero-knowledge-proof solutions for users to be protected without having to sacrifice usability.
PSE’s roadmap read,
“Ethereum deserves to become core infrastructure for global digital commerce, identity, collaboration, and the internet of value. But this potential is impossible without private data, transactions, and identity.”
Additions
“We take responsibility within the Ethereum Foundation for ensuring privacy goals at the application layer are reached.”
Bottom line: Without privacy, Ethereum can’t fulfill its role of a global identity and financial infrastructure.
Two paths
Ethereum is pushing for privacy at a time when U.S. regulatory agencies are doing the exact opposite.
Treasury Department under Scott Bessent is considering proposals DeFi would integrate government identification checks in smart contracts.
Critics worry that this could result in the hard-coding of surveillance technology into DeFi infrastructure.
Vitalik Buterin is vocal about this issue. stressing He argues that in April that privacy is an important human right. “transparency is more of a bug than a feature.”
Source: vitalik.eth.limo
Validator queue brings new concerns
Ethereum is also under pressure from a completely different source.
Validator queue exit has surged The highest ever level of the network is 2.67 millions ETH. It means that many investors are withdrawing.
Source:
Although exits do not necessarily indicate a lack of trust, they may also signal a portfolio realignment or profit-taking.
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Source: ambcrypto.com
