A The purpose of a cryptocurrency stealth address is to provide more anonymity in cryptocurrency transactions. Transactions can be traced to cryptocurrency wallet addresses because they are publicly available. It is possible to trace transactions back to you if you make your name, or other information, publicly available with your wallet address. You can also use stealth addresses as a proxy.
Stealth addresses: Understanding them
Essentially, a blockchain network is a distributed ledger containing the recipient’s and sender’s address as well as the amount of each transaction. The information can be viewed by everyone in the network. A person with intent can still track transactions and possibly identify parties involved.
In order to conduct a cryptocurrency transaction, both parties need an address. Since the network does not record address information, the transaction does not include information about address owners. Inherent in cryptocurrency should be anonymity, which is why this data is lacking.
A pseudonym is used for Crypto transactions, however. Since the addresses that are involved in transactions can be tracked, blockchain technology does not offer 100% anonymity. Addresses that reveal an address owner’s information lose their anonymity.
What Makes a Stealth Address Different?
Typically, when sending cryptocurrency funds, the sender uses the recipient’s wallet address. An address that can be tracked is a wallet address. As concerns over stealth addresses rose in 2014, Peter Todd proposed a stealth address proposal.
A stealth address hides your public address by recording the transaction on the blockchain and entering the proxy address. If an online Bitcoin wallet supports it, stealth addresses can be created using different protocols or mechanisms.
Stealth addresses can be created using several different methods. Using ring signatures, RingCT decoy output addresses, and masked addresses, Monero makes tracing the sender difficult. While using stealth addresses, this is not a stealth address, but a technique to confuse would-be trackers
Addressing Stealth Concerns
Stealth addresses are an attractive option for any cryptocurrency user, but considering that they can confuse trackers and increase anonymity for honest users, they are also appealing for users who have dishonest intentions.
What Are Wallet Addresses?
Wallet addresses consist of randomly generated strings of numbers that are made publicly available and serve as addresses for receiving cryptocurrency from others.
How Do Cryptocurrency Addresses Look?
The address of a cryptocurrency depends on the type of currency you use. Among the most popular Bitcoin mining pools, the Antpool one has the address 19RGdugNcsdK39288NjcEV4GX7rMsJHYn8E