Vitalik Buterin urged Web3 wallet developers to prioritize integrated security and privacy features, emphasizing that decentralization and privacy should be standard, not optional.
Vitalik Buterin, the co-founder of Ethereum, recently encouraged developers of Web3 wallets to prioritize security and privacy in decentralized wallets. Buterin underscored in a blog post dated December 3, 2024, that wallets should be engineered to improve privacy and decentralization.
The incorporation of privacy features
Buterin asserted that privacy should not be an optional feature in Web3 wallets, but rather an essential component of all wallets. At present, users are required to utilize specialized “privacy wallets” in order to engage in private transactions.
He emphasized that this method presents users with additional obstacles and restricts the number of individuals who are willing to engage in private transactions.
Simplifying Layer-2 Transfers
Buterin suggested that the intricacy of token transfers among Ethereum’s Layer-2 (L2) networks be reduced by implementing a standard wallet address format. This would enhance the overall user experience by enabling the transmission of tokens across various L2 networks.
High-Tech Security Systems
Additionally, Buterin underscored the necessity of enhanced security features in Web3 wallets to mitigate malicious activities. He proposed a two-tier security system that integrates graded access control, social recovery, and multi-signature combinations
The primary key for low-value transactions would be held by users in this system, while the majority agreement of custodians would be required for essential changes to high-value transactions.
Buterin’s appeal is in accordance with the principle of decentralization, which he had previously emphasized in his plans to improve the Ethereum network. Adopting the Web3 ecosystem‘s policy of prioritizing privacy, security, and user experience could potentially increase platform adoption.
In conclusion, Ethereum users may be able to conduct transactions that are more confidential and secure by implementing the proposed security and privacy enhancements.