Author: essofluffy . 2015-09-10 21:12:29
Published on: 2015-09-10T21:12:29+00:00
Bitcoin addresses can be complex and intimidating for new users to memorize and share. In an effort to provide a more user-friendly experience, a method has been proposed to assign a unique name to a Bitcoin address. This named Bitcoin address would allow for easy memorization and reduce the risk of sending Bitcoin to the wrong address. To create a named Bitcoin address, the user simply inputs their preferred name into their wallet and the client checks if the name is available by referencing a directory of previously chosen names. If the name is available, a transaction of 1 satoshi and a small fee is sent to an address without a private key, with the name appended as an OP_RETURN output. Once the transaction is confirmed, the named address is ready to use.When someone wants to send Bitcoin to a named address, their client references the same directory and searches for the OP_RETURN output of the desired name using a binary search method. If the name is found, the client will use the address associated with that transaction to send the Bitcoin.The proposed method is completely verifiable and independent of third parties. It offers a solution to the problem of complex Bitcoin addresses and could potentially improve the overall user experience. Feedback and questions are welcome.
Updated on: 2023-06-10T22:17:23.522887+00:00