Author: ts 2021-08-19 17:02:38
Published on: 2021-08-19T17:02:38+00:00
In a recent email exchange between ZmnSCPxj and TS, the former proposed implementing a 3 or 4 digit code as a checksum from the BTC address. This would be an optional visual verification for users to ensure they are sending funds to the correct address. While BTC addresses already have a checksum at a technical level, it does not prevent errors from entering a valid but incorrect address. The proposal would greatly reduce the probability of transactions going to the wrong address. It is noted that the code should never be entered manually or copied with the address in one string. Wallet developers could easily implement this once a checksum standard is established. ZmnSCPxj also suggested using the last five characters of a bech32 string as a human-readable 5-digit code, but TS pointed out that most people do not know this and it only proves that an address is valid, not necessarily the correct one. Additionally, the existing bech32 checksum is automatically checked by software, but visual verification by humans can further reduce the risk of error when sending funds.
Updated on: 2023-06-15T01:07:14.193671+00:00