Author: Pieter Wuille 2013-06-19 13:54:04
Published on: 2013-06-19T13:54:04+00:00
In a message dated June 17, 2013, Alan Reiner proposed an alternative address format that could be made possible by BIP 32. This new format would enable users to specify a "Wallet ID" and "One-time payment" code instead of the standard one-use Base58-Hash160 addresses. The benefit of this approach is that it allows parties with a persistent relationship to prove that payment addresses they provide each other are linked to a particular wallet. This reduces exposure to MitM attacks without the need for SSL or a web of trust while maintaining the privacy of both parties. This approach could be used by businesses that frequently do business by exchanging and verifying public keys beforehand or by an exchange to identify if a customer withdrawal address is related to their last deposit address, enforcing extra authentication measures if not. Pieter also mentioned Timo Hanke's pay-to-contract presentation at the San Jose conference, which seemed very relevant to the proposed alternative address format.
Updated on: 2023-05-19T17:02:06.386094+00:00