Can Monero’s Crypto Privacy Model Be Adopted On Ethereum’s Network
Some feelers have suggested the possibility of incorporating a blockchain privacy feature resembling those of the Monero blockchain, for the Ethereum network.
Consequently, the events trailing the mentioning of this topic has continued to feature different comments and reactions from various quarters. The accompanying advantages are something to relish for a long time, and a good number of developers on the Ethereum platform are sure to welcome the development with both hands.
However, there are a whole lot of things to consider, which have seemed to present themselves as the stumbling block as far as implementation is concerned. For instance, a privacy-based network would require more storage spaces, as well as increases transaction fees.
Blockchain protocol researchers have swung into action and have come out with a proposed framework – the Mobius.
Mobius is expected to use a mixture of solutions to come out with a perfect working model. The model would come with accompanying features that would still effectively CLI down on high transaction fees, and optimum scalability ratios.
Analysts say that if the Monero's Mobius model is used on the Ethereum network, then we would see a complement function in a hybrid that works well. Hence, the “new ethereum” would be able to effectively conceal user identities, as well as send anonymous payments.
In the sequel to this, UK-based distributed ledger startup Clearmatic™ claims it has worked on an implementation plan that would be able to make the necessary add-ons on the smart contract network subtly.
The incorporation of Mobius would also have far-reaching positive effects on the many smart contracts that are hosted on Ethereum.
The Challenges On Monero Mobius Road To Implementation
Although the advantages of the Monero Mobius on Ethereum are well acknowledged, it doesn’t yet look like there are any plans to consider it, in the first place. The air of uncertainty may have come about as a result of the many issues that need urgent attention on the overall Ethereum network.
Asides this, many current users on the network don’t seem to understand the underlying advantages contained in mixing technologies. According to one of the mix technology proposer Rebekah Mercer, if a practical implementation is to pull through, then there must be some form of education, which makes people understand why these decisions should be made.
The Way Forward
There are no doubts about people’s desire to use the blockchain network with some adequate privacy and anonymity ensuring features. If the Ethereum network doesn’t ensure the implementation of a Mobius-like framework at least, then they may need to sort out other solutions for the future. If nothing is done in this direction, it may not be surprising to see a negative impact of it on the network, in the next few years.