Stanford Scientists Develop Privacy Mechanism For Ethereum Smart Contracts
Stanford’s Applied Cryptography Group has published a study on the university’s website describing privacy solutions for Ethereum smart contracts.
Development called Zether is a decentralized solution for confidential transactions, which can function both individually or in the Ethereum system and other systems with support of smart contracts.
The transaction fee for using Zether is 0.014 ETH (about $1.51). According to the developers, the information on the funds in the accounts is fixed, and the operations on the movement of assets are carried out with the help of cryptographic tools.
A high level of privacy during transfers was achieved using a mechanism for temporary conservation of assets in a smart contract, similar to the Monero mechanism.
Thus, the researchers created a system where data of the sender and recipient of funds can be hidden, eliminating the need for a third party to participate or the need to amend a smart contract as well.
The Zether mechanism transfers funds only after verifying the relevant evidence, even when conducting an operation upon request from a third-party secure smart contract. The security system of this solution eliminates the influence of malicious smart contracts that may disrupt the Zether operation.
Earlier, the developers of a blockchain project Rhombus have released software for accessing Ethereum-based applications to real data.