The idea was inspired by Vitalik Buterin’s conceptualization of non-transferrable Soulbound tokens.
Wahrstätter’s proposal recommends the use of a privacy-focused piece of cryptography known as zk-SNARKs to implement stealth addresses for ERC-721 tokens – Ethereum’s current token standard for NFTs).
According to the proposal, a portion of a stealth address is inserted into a Merkle tree, thereby enabling the sending, storing, and burning of NFTs without revealing all the details of the transaction on the public blockchain.
The proposal drew the attention of Vitalik Buterin, who described it as “a low-tech approach to add a significant amount of privacy to the NFT ecosystem.”He buttressed the point further in a tweet on Monday.
Buterin, however, pointed out a few drawbacks to Wahrstätter’s proposal, insisting that the idea of anonymous NFT transactions can be accomplished “with much lighter-weight technology.”
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Source: Cryptocurrency - investing.com
