Author: Lloyd Fournier 2020-10-05 02:49:48
Published on: 2020-10-05T02:49:48+00:00
In a discussion on the bitcoin-dev mailing list, Leonardo Comandini questions the necessity of BIP32's chain code in key derivation, suggesting an alternative proposal. He provides a schematic of BIP32 operations to be compared with his proposal and discusses the differences. Comandini claims that the proposed derivation scheme has two main advantages: shorter backups for public and private derivable keys and user-friendly backup for child keys. The proposed scheme would allow having mnemonics for subaccount keys. He cites various hash functions such as HMAC-SHA512 and parse256 used in BIP32 and provides references to BIP32, BIP39, and a pay-to-contract scheme. Another contributor notes that there is no fundamental flaw with Comandini's proposal, while admitting they haven't spent much time developing wallets.
Updated on: 2023-06-14T15:46:39.365078+00:00