Published on: 2013-06-21T20:41:25+00:00
In the discussion, the focus is on finding a more efficient method for exchanging public keys in multisig transactions. The current practice of using hex encoding leads to longer strings and doesn't provide 4-byte verification, raising security concerns. To address this issue, there is a need for a standard way to encode public keys as base58-check addresses, which would make it both easier and safer to display and exchange public keys.Nadav suggests using 0x37/0x38 prefix bytes for this purpose, resulting in the letter P to represent "Public". It's important to note that Nadav is referring to the actual public key itself, not the hash160 used for Bitcoin addresses. While this prefix byte usage is not common, it is necessary for multisig transactions.The author of the message shares their own project experience, highlighting the requirement of public key exchange for multisig transactions. They acknowledge that hex encoding is commonly used for displaying public keys but point out its drawbacks, such as longer strings and the absence of 4-byte verification. To overcome these limitations, the author proposes adopting a standard way to encode public keys as base58-check addresses.To achieve this, the author suggests utilizing the currently unused 0x37/0x38 prefix bytes, resulting in the letter P to represent "Public". By implementing this approach, the author aims to make the display and exchange of public keys easier and safer.
Updated on: 2023-08-01T05:11:41.085365+00:00