Author: Craig B Agricola 2013-04-24 14:46:49
Published on: 2013-04-24T14:46:49+00:00
A forum user named Craig has asked about the potential benefits of a dance for Bitcoin transactions, compared to existing methods. He suggests that generating a new address and exporting the private key is a simpler and more straightforward mechanism than what was proposed. The user further explains that no need exists to send an entire wallet as only one key is needed. Moreover, the method suggested in the original proposal is not a payment mechanism but rather a way for two trusting parties to send Bitcoins without using the Bitcoin network. Both procedures result in joint custody of the BTCs until Bob uses them to spend on another address he controls. Melvin Carvalho posted a message regarding the unification of digital payments of Bitcoin and other services such as Payswarm and webid. Using RSA key pairs, Alice wants to send 1 BTC to Bob but has no public Bitcoin addresses. To overcome this problem, Alice takes Bob's WebID and encrypts it with her private key to create entropy. She then uses this message to produce a BTC address with ECDSA key pair. Further, Alice sends coins to this address and encrypts the seed again with Bob's public key. Upon decrypting the seed using his private key, Bob can recreate the wallet and spend the coins. Melvin believes that this unites the crypto-currency paradigm and web paradigm into one system potentially.
Updated on: 2023-06-06T15:23:39.830957+00:00