Author: Kristov Atlas 2015-09-11 15:13:18
Published on: 2015-09-11T15:13:18+00:00
The proposal to assign unique names to Bitcoin addresses has been met with disapproval due to privacy and security concerns. Bitcoin addresses should never be reused, as it is documented extensively online that this can compromise both privacy and security. Maintaining a registry of every address in the world on one's computer could also be problematic, as it would be difficult to scale and unnecessary for most participants in the network who do not need to transact. Instead of assigning names to Bitcoin addresses, some suggest developing a name registry system off-chain attached to bip47 reusable payment codes. The proposed naming convention involved the use of a directory of names chosen by users of the system. A binary search method would be used to search through all the data efficiently, and the names would be sorted according to the first character and the total length of the name. Once a name is verified and broadcasted to the network and confirmed, it is ready to be used. However, this idea was met with skepticism, as it may compromise privacy and security.
Updated on: 2023-06-10T22:17:32.197137+00:00