Ripple Plans To Boost Crypto Privacy On XRP Ledger
Ripple is struggling to keep things going even during this global disaster in the middle of which we are these days.
The coronavirus pandemic has been killing healthcare systems all over the world, and people are living in fear and uncertainty these days, not knowing what to expect next and whether we’ll enter a new massive recession.
Despite all this, the crypto market remains strong, and it seems that more and more people are turning their heads towards Bitcoin and crypto as a safe haven.
Ripple is working on a new feature to boost privacy
Ripple seems to be proposing a new feature that can boost the privacy on XRP Ledger.
It’s been revealed that Ripple dev Nik Bougalis said that this feature could allow source and destination tags to be cryptographically scrambled.
The XRP Ledger uses these tags besides traditional crypto addresses in order to locate a transaction recipient.
Bougalis said that the proposal’s primary focus is to make it impossible for third parties to easily identify and correlate transactions using these tags.
He also made sure to highlight the fact that this change will not be impacting the ledger’s scalability.
“Transaction times aren’t really affected; perhaps a few extra milliseconds per transaction on the sending and receiving ends. No performance implications for the network. You only need to generate one keypair. You then do a bit of calculations per transaction.”
Proposal’s impact on crypto regulation
Another thing worth noting is the fact that regarding the proposal’s impact on crypto regulation, he doesn’t believe that this will have any significant implications.
“From the point of view of a third party (including a regulator) a tag is just an opaque number, whether it’s blinded or not. Regulators likely need to work with exchanges already because of that; blinded tags won’t really change that.”
We recommend that you check out all the available data on this new feature on GitHub.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.