Research: 17% Of Ethereum Transactions Can Be Tracked
Transactions on the Ethereum network are much easier to deanonymize, that the blockchain of Bitcoin. Developer Ferenc Beresh shared his research on this topic.
The developer carried a fairly large-scale study, focused on several Ethereum blockchain technical specifications which simplify user tracking. Still, a lot depends on the specific algorithm for working with mixers.
Beresh published his work on his Twitter.
Blockchain is Watching You: Profiling and Deanonymizing Ethereum Users🧐👀 https://t.co/sqBZRXeiQB
Joint work with @ferencberes91,@BenczurAndras,@badcryptobitch
How private is Ethereum? Why should you care?
— Seres István András (@Istvan_A_Seres) May 29, 2020
“A system based on account increases the likelihood of protocol reuse of addresses. In terms of confidentiality, this makes Ethereum and other currencies on the same basis less competitive than UTXO cryptocurrencies such as bitcoin,” defined in the study.
Ethereum Name Service
One of the key features of the Ethereum network is the Ethereum Name Service (ENS), which connects wallet addresses with readable “.eth” domains. The developer was able to find 890 domains that had public profiles on Twitter.
Binding to the time zone
The study says you can also find out the user's identity by linking the signature to the time zone, user gas values, as well as direct transfers between addresses. Beresh believes this can be the way to disclose about 17% of all transactions in the Ethereum network.