Author: Mike Hearn 2015-03-12 16:47:56
Published on: 2015-03-12T16:47:56+00:00
The context discusses the use of a "creation date" as a short-term solution and the need for a long-term solution to secure wallets. The proposed long-term solution involves using a 12-word seed as an encryption key for a wallet backup with all associated metadata. However, it may take some time for wallets to start working in this way. Until then, restoring from the blockchain will be a semi-regular operation for users. Additionally, there is no strong feeling about using version numbers, but representing binary data as words is convenient and could have other uses beyond storing a raw private key. Bitcoin addresses have versions, which have proven useful despite being "just" a hash of a pubkey.
Updated on: 2023-06-09T18:09:36.440966+00:00