Published on: 2016-06-02T00:41:27+00:00
Chris Priest, a developer, is creating a standalone system to archive and serve memos for Bitcoin wallets. The purpose of this system is to allow wallet users to switch from one wallet to another without losing their memos. These memos will be encrypted and stored on memo servers. The public key will be propagated so that the memos can be shared among different servers. The specific encryption method for the memos has not been finalized yet, but it is crucial that they are strongly encrypted. Additionally, the memos should support various types of data, and the memo server should not be tied to a specific wallet schema.To access the memo server, users will only need to provide their memo-specific identifier, which may not be related to any part of their wallet. Multiple memo servers will be available, giving users the option to choose which ones they trust with their data. The writer of the context is developing a wallet called multiexplorer, which supports all BIPs (Bitcoin Improvement Proposals), including those that enable exporting and importing based on a 12-word mnemonic. However, when exporting and importing into another wallet, the memos added to each transaction are lost because the mnemonic cannot encode this data. To address this issue, the writer plans to create a separate system for archiving and serving these memos. Once implemented, every wallet will support this system, allowing users to seamlessly move between wallets by copying and pasting the mnemonic without losing their memos.The system works by encrypting and sending the memos to multiple memo servers operated by different individuals. These memo servers synchronize data amongst themselves. The exact encryption scheme for the memos is yet to be determined, and it is essential to choose a strong encryption method since the memos will be publicly propagated.This system aims to facilitate the transition from older, potentially less secure wallets to modern wallets with enhanced security features. It also aims to reduce lock-in by providing a solution to preserve memos when switching wallets. Detailed information about how the system will work can be found at the provided GitHub link: https://github.com/priestc/bips/blob/master/memo-server.mediawiki.
Updated on: 2023-08-01T18:25:51.729004+00:00