- Railgun has developed a prototype for a private multi-signature wallet on Ethereum.
- This wallet increases security and keeps user identities and balances hidden using zero-knowledge proof technology.
- The wallet is based on methods first used for Bitcoin, adapted for use on Ethereum’s platform.
- Private multi-signature wallets have been requested by institutions for added privacy and security.
- Railgun plans to demonstrate the new wallet at the Devconnect Argentina conference next month.
Railgun, a privacy protocol, has announced it has created a prototype of a private multi-signature wallet for the Ethereum platform. The new wallet aims to enhance privacy and security for protocol users by combining zero-knowledge proof (ZK proof) technology and multi-signature authentication.
Alan Scott, co-founder of the Railgun Project, said the multi-signature wallet has been in development for more than two and a half years. “We know it works,” Scott told DL News. The wallet uses zero-knowledge proofs, which allow someone to verify that a statement is true without revealing further information, and incorporates the Flexible Round-Optimised Schnorr Threshold Signatures (FROST) method.
Multi-signature wallets split control of crypto holdings across several people. A majority must approve any transaction, making this approach much more secure than single-signature wallets. Railgun’s wallet hides which users control the wallet and keeps their transaction history private using the same technology that powers Railgun. Scott explained, “Since it’s for Ethereum, it kind of requires some bending, twisting, and reshaping.”
Ethereum co-founder Vitalik Buterin recently asked at a Tokyo event why more money is not flowing into privacy protocols. He said that a lack of multi-signature support has held back privacy adoption, but privacy protocol developers can address this challenge.
Some blockchains, such as ZCash, already have private multi-signature wallets, but Ethereum has not, until now. Scott noted, “We’re not only the first people to do this in the Ethereum ecosystem, we’re kind of like the only people that can really do it.”
Privacy on blockchains is important as all transactions and balances are public by default, which can lead to unwanted attention or even crime if a crypto owner’s wallet address becomes known. Institutions have also called for private multi-signature wallets to comply with rules that require multiple authorizations for crypto transactions.
Railgun intends to make the wallet more user-friendly by building an interface, and will showcase the technology at the upcoming Devconnect Argentina conference. More information on background research is available from Distributed Lab.
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