Published on: 2013-04-27T14:14:42+00:00
The discussion in the thread revolves around finding a method to bring together Bitcoin and RSA key pairs. The problem scenario presented is that Alice wants to send 1 BTC to Bob, but both of them possess RSA key pairs and lack public Bitcoin addresses. One proposed solution involves utilizing Bob's WebID to create entropy, which generates a BTC address with an ECDSA key pair. The coins are then sent to this address, and the seed is encrypted with Bob's public key for his decryption. This allows Bob to recreate the wallet and use it to spend the coins. This approach aims to merge the web paradigm and cryptocurrency paradigm into one extensive ecosystem.Another suggestion proposes exporting a private key for a new address generated by the bitcoin client and encrypting it with GPG. The encrypted key can then be sent to Bob for importation into his wallet. However, this method still relies on trust between the parties and does not provide a payment mechanism. The objective is to automate the process of integrating the RSA key community with Bitcoin to make it more accessible for GPG users who may lack a Bitcoin wallet or address.Craig, a user in the forum, questions the potential benefits of using a dance for Bitcoin transactions compared to existing methods. He argues that generating a new address and exporting the private key is a simpler and more straightforward mechanism than the initial proposal. Craig emphasizes that only one key needs to be sent instead of an entire wallet. Additionally, he clarifies that the original proposal does not function as a payment mechanism but rather as a means for two trusting parties to send Bitcoins without relying on the Bitcoin network. In both methods, joint custody of the BTCs is maintained until Bob uses them for spending on another address under his control.Melvin Carvalho contributes to the discussion by highlighting the possibility of unifying digital payments of Bitcoin and other services like Payswarm and WebID. With Bitcoin using ECDSA and GPG, while Payswarm/WebID primarily utilizing RSA, it is feasible to bring these two worlds together, enabling the transmission of bitcoins over WebID or Payswarm. The solution presented involves Alice using Bob's WebID and encrypting it with her private key to create entropy. This message is then employed as the seed to generate a Bitcoin address with an ECDSA key pair. Subsequently, Alice sends coins to this address and encrypts the seed again, this time with Bob's public key. By decrypting the seed using his private key, Bob can recreate the wallet and spend the coins. Melvin believes that this approach has the potential to merge the web paradigm and crypto-currency paradigm into one unified system.
Updated on: 2023-08-01T04:43:06.783074+00:00