A lot of new Ethereum-based services are launching every single month. One of those services goes by the name of XETH, although it remains a bit unclear as to who is behind this platform and how secure it is. XETH provides Ethereum stealth payments. Bringing more privacy to ETH payments can be quite powerful, even though one should always treat new service with some scrutiny.
An Overview of the XETH Service
At first glance, the XETH service looks like it could be quite a valuable addition to the Ethereum ecosystem. To be more specific, the platform provides a wallet service that allows users to send out stealth transactions, bringing additional transaction privacy to ETH payments at any given time. An interesting idea, to say the least.
This service provides the additional privacy by using different tools. Using the decentralized platform, we have come to know as Ethereum is the important first step. XETH Also uses Bitprofile as a decentralized namespace service to provide platform users with additional payment anonymity. The stealth payments allow for the private exchange of funds at all times. All of these functions can be accessed through the GUI wallet.
Speaking of the XETH stealth payments, let’s take a look at how this is achieved. The recipient generates a new address and associated spending private key for every payment they plan to receive. This private key is not exposed either, thanks to the use of dual-key stealth features. This dual-key approach generates two keys, one for spending, and one for scanning.
What makes XETH so appealing is how the project is completely open source. Although new wallet solutions are always met with certain scrutiny, anyone can review the code to make sure nothing malicious is going on. One can find the code on GitHub, as one would come to expect these days. It is good to see such projects make their source code available to everyone for public review, though.
Although XETH has been around for quite some time, it seems to have gotten very little attention so far. Its developers have implemented a few new features over the past year and a half, with more new features to come. To be more specific, paper wallet support, HD Keys, and Mist Dapp compatibility will all be coming in the next few months. It also appears the XETH team is working on TREZOR and Ledger support, which is quite interesting.
One thing holding back mass adoption of XETH sees how no one knows who is responsible for creating this new wallet solution. Although the code is open source, it is somewhat suspicious no one wants to claim responsibility for creating XETH. Moreover, it is being advertised by one Reddit user who has little to no activity to make him or her look even remotely legitimate. Users should be wary of new wallet services at all times since you could end up losing your funds in the long run.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.