Author: Chris Priest 2016-06-02 00:21:54
Published on: 2016-06-02T00:21:54+00:00
The writer is developing a wallet called multiexplorer which supports all the BIPs, including the ones that let you export and import based on a 12 word mnemonic. However, when exporting and importing into another wallet, memos added to each transaction are lost as there is no way for this data to be encoded into the mnemonic. Thus, the writer is planning to make a stand-alone system for archiving and serving these memos. Once built, every wallet will support the system, and users should be able to move from one wallet to another by copy+pasting the mnemonic into the next wallet without losing their memos. The system works by encrypting and sending the memos to a server where they are stored. There isn't one single memo server, but multiple memo servers all ran by different people. These memo servers share data amongst each other through a sync process. The specifics of how the memos will be encrypted have not been set in stone yet, and someone else has to decide on the scheme that is appropriate as the memos will be publicly propagated, so it is important that they are encrypted strongly. The writer has provided details of how the system will work at https://github.com/priestc/bips/blob/master/memo-server.mediawiki. This system will make it easier for people to move off of old wallets that may not be safe anymore, to more modern wallets with better security features, and reduce lock-in.
Updated on: 2023-06-11T05:39:10.530240+00:00