Author: Wendell 2013-09-16 14:05:25
Published on: 2013-09-16T14:05:25+00:00
The discussion focuses on ways of automatically exchanging contact details between Bitcoin wallets to encourage identifiable names and photos rather than long, hard-to-verify addresses. The simplest version involves inserting a data lookup hash into the transaction ID that is then presented as "You received 2 BTC from Frank Jones" with a nice photo instead of a dialogue that says "you received 2 BTC from 13Y94z43Nbbb6wevRyk82CeDoYQ5S28zmA". However, concerns were raised about inserting extraneous data into the blockchain, privacy, and security issues. To address these concerns, different solutions were suggested, including storing the transaction ID with a fresh public key on a server each time a transfer is made and generating new keys for each transaction to ensure privacy. Moreover, Alice/Bob validating each other using some kind of code was also considered. Eric Lombrozo suggested using the transaction hash itself for the lookup and encrypting the data so that only the recipient of the transaction can do this lookup. Ultimately, the aim was to find a decentralized way to exchange contact details without running dedicated servers.
Updated on: 2023-06-07T16:38:15.589364+00:00