Author: Jonas Schnelli 2018-05-30 19:03:46
Published on: 2018-05-30T19:03:46+00:00
The discussion revolves around the downside of encoding the same key with different metadata, resulting in different "visual strings." While it may be easy to detect if imported into the same software, it's not a major concern if imported into another software. The concept of visually comparing two keys to find if they are the same is considered a broken concept. Basic metadata is more important than this visual property. Recovery based on sole xpriv or limited metadata could be disastrous. In the long term, users wish for wallet-metadata, including transaction-based user metadata, to be backed up in a way that requires the seed to recover that backup, thus allowing it to be stored in cheap, insecure spaces. It is proposed to add a birthday to the WIF private key format to help wallet discover funds faster. This proposal can replace WIF and xpriv/xpub since it can encode a single private key into 275bits.
Updated on: 2023-06-13T02:57:46.504442+00:00