Author: Erik Aronesty 2016-06-23 13:03:36
Published on: 2016-06-23T13:03:36+00:00
The BIP 0075 is a protocol that formalizes the process of exchanging public keys for initiating invoice requests without MITM attacks. The identity in BIP 75 is merely "moniker consistency" and need not be real, only publicly verifiable and accessible. Other features linking monikers to real-world identity should be removed from the standard as they are unnecessary for its purpose. The important features of BIP 075 include users being able to send Bitcoin to an address without MITM attacks, merchants providing memorable names linked to internet services, and both merchants and users being able to initiate transaction off-chain with a workflow that allows rejection, subscription, etc. AML/KYC compliance is one of the use cases that BIP 75 and certificates can support. The solution is based on open source and open standards, allowing open permissionless innovation versus parties building closed networks based on closed standards. However, Peter Todd argues against willingly participating in AML/KYC and suggests removing BIP75 from the bips repository and boycotting wallets that implement it. He believes that the minor tactical wins obtained from this are not worth it.
Updated on: 2023-06-11T18:46:07.802336+00:00