The ERC-6327 proposal submitted by ZKSAFE has entered the draft stage
On April 11th, it was announced that the ERC-6327 proposal submitted by smart contract wallet startup ZKSAFE has officially entered the draft stage. The proposal aims to provide Et
On April 11th, it was announced that the ERC-6327 proposal submitted by smart contract wallet startup ZKSAFE has officially entered the draft stage. The proposal aims to provide Ethereum with a cryptographic signature specification beyond the private key, introducing a new signature algorithm called Elastic Signature (ES). ES signature uses human friendly passwords to sign data on the uplink, supports password changes at any time, and is completely decentralized without server nodes.
The ERC-6327 proposal submitted by ZKSAFE has entered the draft stage
1. Introduction
2. What is ERC-6327?
3. Who is ZKSAFE and what do they do?
4. What is Elastic Signature (ES)?
5. How does ES work?
6. Benefits of ES signature
7. Why is ERC-6327 important for Ethereum?
8. Conclusion
9. FAQs
Article
Introduction
Cryptocurrencies like Ethereum have brought about a revolution in the way we view financial transactions. One of the biggest advantages of Ethereum is its use of smart contracts, which has made it possible to perform complex financial transactions without the need for a central authority. To help support these smart contracts, startups are developing new technologies that will help make Ethereum even more efficient and secure. One such startup is ZKSAFE, which has recently submitted a new proposal called ERC-6327 that introduces a new signature algorithm called Elastic Signature (ES).
What is ERC-6327?
ERC-6327 is the name of the proposal submitted by ZKSAFE to the Ethereum community. It aims to provide Ethereum with a cryptographic signature specification beyond the private key that’s currently being used. This new specification will introduce a new signature algorithm called Elastic Signature (ES), which is designed to use human-friendly passwords to sign data on the uplink.
Who is ZKSAFE and what do they do?
ZKSAFE is a smart contract wallet startup that aims to provide a more secure way of storing cryptocurrencies. The company believes that traditional wallet solutions are vulnerable to theft and hacking, which is why they’ve developed a more secure solution that uses smart contracts to store crypto assets in a decentralized way. By doing this, ZKSAFE eliminates the need for a central authority, which makes it difficult for hackers to steal funds.
What is Elastic Signature (ES)?
Elastic Signature (ES) is a new signature algorithm that’s designed to provide a more secure way of signing data. It’s unique in that it uses human-friendly passwords instead of the private key that’s currently being used. ES is completely decentralized, which means that there are no server nodes involved in the process.
How does ES work?
ES works by taking the password provided by the user and using it to generate a cryptographic signature. This signature is then used to sign the data being sent to the blockchain, ensuring that it’s accurate and hasn’t been tampered with. At any time, users can change their password, which will generate a new cryptographic signature. This makes it very difficult for hackers to steal funds or tamper with data, ensuring that the blockchain remains secure.
Benefits of ES signature
There are several benefits to using ES signature. Firstly, it’s completely decentralized, which means that there are no server nodes involved in the process. This makes it very difficult for hackers to steal funds or tamper with data. Secondly, it’s very user-friendly, as it uses human-friendly passwords instead of the private key that’s currently being used. Thirdly, users can change their password at any time, which generates a new cryptographic signature. This makes it very difficult for hackers to steal funds or tamper with data, ensuring that the blockchain remains secure.
Why is ERC-6327 important for Ethereum?
ERC-6327 is important for Ethereum because it introduces a new signature algorithm that’s more secure and user-friendly than the private key that’s currently being used. By doing this, it makes it much more difficult for hackers to steal funds or tamper with data. This is important because it ensures that the blockchain remains secure, which is essential for the success of Ethereum as a viable alternative to traditional financial transactions.
Conclusion
In conclusion, the ERC-6327 proposal submitted by ZKSAFE has the potential to revolutionize the way we view financial transactions on the Ethereum blockchain. By introducing a new signature algorithm called Elastic Signature (ES), this proposal aims to provide a secure and user-friendly way of signing data. Its benefits are numerous, including increased security and ease of use, making it an essential development for the future of Ethereum.
FAQs
1. Is ERC-6327 available now?
No, it’s still in the draft stage.
2. What are the benefits of using Elastic Signature?
The benefits of using Elastic Signature include increased security, user-friendliness, and the ability to change passwords at any time.
3. Will this be available for other cryptocurrencies, like Bitcoin?
As of now, ERC-6327 is only available for Ethereum.
#
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/15505.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Government Support for Banks Signals Return to Loose Monetary Policy
On March 13, Nic Carter, founder of Castle Island Ventures, a digital asset company, said that the government’s willingness to provide support for the Silicon Valley Bank and Signature meant that it had returned to the mode of providing liquidity rather than tightening, and the loose monetary policy had proved to be the “gospel” of cryptocurrency and other speculative asset classes in history, but this instability once again showed the vulnerability of the stable currency, Unusual financial conditions may cause them to fall below their fixed value. It is reported that Signature and Silvergate are the two main cooperative banks of encryption companies, and nearly half of American venture capital backed startups deposit cash in Silicon Valley banks, including crypto-friendly venture capital funds and some digital asset companies. Viewpoint: The failure of three banks, including Silicon Valley Bank, may limit the liquidity of the encryption industry Analysis based on this information:In a recent statement, Nic Carter, founder of Castle Island…
-
Former CEO of Binance.US hired former head of law enforcement at CFTC as an attorney
According to reports, people familiar with the matter disclosed that Catherine Coley, the former CEO of Binance. US, has hired James McDonald, the founder of Sullivan&Cromwell, who
-
MetisDAO Building the First Hybrid Rollup for a Secure and Development-Friendly Layer 2
It is reported that MetisDAO, the Ethereum expansion solution, officially announced that it is building the first hybrid rollup by combining the Optimistic Rol…
-
Biden Set to Increase Capital Gains Tax Rate to 40%
According to reports, President Biden called for raising the capital gains tax from 20% to 40%. （Watcher.Guru）
President Biden called for raising the capital ga -
Coinbase Holds Over 2 Million BTCs: A Major Milestone for Cryptocurrency
It is reported that Bitcoin News published an article on social media saying that Coinbase holds nearly 2 million BTCs, worth about $40 billion.
Coinbase holds -
What is the use of Bitcoin
What is the use of using Bitcoin? According to Cryptoglobal, what is the use of using Bitcoin At present, there are many Cryptocurrency financial products on the market. For example, a lending application called “BTCPay” has recently become popular, which can store digital assets in smart contracts and wallets; Another new feature is the ability to trade encrypted assets on various exchanges, which can result in more funds than fiat currency. In addition, users can also use Bitcoin to purchase other precious metals such as gold or silver as collateral for investment What’s the use of BitcoinBitcoin is the most commonly used word in the blockchain world, and it is also a very important concept in the world of Cryptocurrency. People often say ‘decentralization’ or ‘non tampering’, but it is not as simple as people imagine, but rather a consensus mechanism, incentive system, accounting system, and other components that we now know have been well applied Why is it called…
-
Bithumb Receives ISMS-P Certification: A Winning Move for Enhanced Security
It is reported that Bithumb, the Korean Cryptographic Exchange, has obtained the information protection and personal information protection management system (…
-
MetaMask and Mercuryo’s Partnership Signals Smooth Crypto Transactions
On February 17, the MetaMask developer ConenSys reached a cooperation with the cross-border payment network Mercuryo. MetaMask integrated the Mercuryo service,…
-
The Metauniverse: A Slow-Down in Heatwave
On March 4, it was reported that as the AIGC (using artificial intelligence technology to generate content) heatwave continued to sweep through, the heat of th…
-
What is the Uniswap Project (uniswap)?
Uniswap is a decentralized protocol that provides liquidity mining, decentralize