Author: Justus Ranvier 2015-04-25 00:21:20
Published on: 2015-04-25T00:21:20+00:00
The author has updated a proposal by incorporating feedback, which can be found on GitHub. The proposal involves using payment codes as a messaging layer and providing a Heartbleed-free payment protocol. However, there are concerns about privacy leaks and the compatibility with multisignature. The author optimized for non-reliance on third-party services and the ability to recover spendable funds from a seed backup, resulting in tradeoffs. Payment codes could be used by merchants to positively identify customers and provide refund capabilities automatically. Exchanges could restrict bitcoin withdrawals to a single payment code known to be associated with their identified customer, making thefts easier. The ability to prove that withdrawals are sent to a positively-identified party might move some Bitcoin businesses out of money transmitter territory into less onerous regulatory situations.
Updated on: 2023-06-09T19:22:00.764307+00:00