Author: ts 2021-08-28 21:17:35
Published on: 2021-08-28T21:17:35+00:00
The proposal suggests implementing a 3 or 4 digit code, called 4DC, generated as a checksum from the Bitcoin address to be shown in all wallets next to the receiving address. This will help reduce the probability of performing transactions to a wrong address and improve the overall user experience. The sender can easily verify that the resulting 4DC matches the one from the receiving address. Technically, this is easy to implement once an agreement on a checksum standard is established. Additionally, agreeing on a good name for this code would be helpful for fast adoption. The proposed solution can also be used for other coins/networks, but ideally, each of them should have its own checksum algorithm to avoid sending funds to the wrong network. Bitcoin can serve as an example-to-follow for other coins/networks if it implements this first.
Updated on: 2023-06-15T01:07:57.127329+00:00