Author: Chris Pacia 2014-11-17 12:31:33
Published on: 2014-11-17T12:31:33+00:00
In a forum post dated November 17, 2014, Adam Back discussed the use of blockchain as a backup mechanism. He stated that it is not an efficient or reliable backup method due to its broadcast nature. Instead, he suggests using cloud storage services or disk encryption with related keys, such as tahoe-lafs, for decentralized long-term storage. Back also voiced concerns about the use of stealth addresses and the potential loss of benefits from hierarchical deterministic (HD) wallets if out-of-band communication is used instead of OP_RETURN. He states that this would require users to make backups after every transaction rather than every 100 with HD wallets. The options available in these cases are to use an address derived from seed, which uses more storage space, backup after every transaction, which is inconvenient, or trust a cloud backup service, which is not ideal. Back concludes that OP_RETURN is the best alternative for this use case.
Updated on: 2023-06-09T14:16:46.686780+00:00