Author: Michael Grønager 2012-04-04 08:35:12
Published on: 2012-04-04T08:35:12+00:00
The email conversation between M and Wladimir discusses the approach of signing "Preformatted messages from sites" to make financial transactions more secure. The proposed approach involves taking sha512 of a document, then taking ripemd160 of hash512 and creating a 512 bit data structure where the first 352bits are '0', and the rest is the ripemd160 of the hash512. This procedure prevents an evil site from fooling someone to sign a transaction spending their own coins. Wladimir expresses that multi-sig is critical to the success of P2SH but its execution needs to be simpler. He suggests defining URL signing/authentication itself and writing down some use-cases in which this makes P2SH easier and less involved. It is noted that there is usually a URL size limit depending on the browser and a possible solution would be to make an option to pass the address where the message can be retrieved. Overall, the conversation highlights the need for improved security measures within Bitcoin transactions.
Updated on: 2023-06-06T03:53:37.128525+00:00