Author: Andy Chase 2015-09-11 09:43:54
Published on: 2015-09-11T09:43:54+00:00
The issue of Bitcoin addresses being too complex for users to memorize and share is a well-known problem. To address this, the idea of assigning unique names to Bitcoin addresses has been proposed. This proposal entails creating a new address with a preferred name chosen by the user, which is then broadcasted to the network and ready to use if available. The client verifies that the name has not been taken and is valid before sending a transaction to confirm it. To send money using this named address, the recipient's wallet references the same "directory" as the sender's wallet to search for the OP_RETURN output of the desired name. If found, the wallet pulls information from the transaction and uses the address it was sent from to send the Bitcoin to. While there are several solutions listed on GitHub for this issue, the best practice is to use BIP-70 for sending payment requests.
Updated on: 2023-06-10T22:17:13.634283+00:00