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authorGregory Maxwell <gmaxwell@gmail.com>2012-12-04 22:50:17 -0500
committerbitcoindev <bitcoindev@gnusha.org>2012-12-05 03:50:33 +0000
commit185227467439eb7cdc9b81293e414587b924255f (patch)
tree4852dbc1413d8a2a9b828c73f5661b6881e82f2a
parent336d16f5a54096064bafb2450a86d16c1a4e0940 (diff)
downloadpi-bitcoindev-185227467439eb7cdc9b81293e414587b924255f.tar.gz
pi-bitcoindev-185227467439eb7cdc9b81293e414587b924255f.zip
[Bitcoin-development] String-based Hierarchical Deterministic Keys - Alternative to BIP 32
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+Date: Tue, 4 Dec 2012 22:50:17 -0500
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+From: Gregory Maxwell <gmaxwell@gmail.com>
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+Subject: [Bitcoin-development] String-based Hierarchical Deterministic Keys
+ - Alternative to BIP 32
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+
+On Tue, Dec 4, 2012 at 10:36 PM, Watson Ladd <wbl@uchicago.edu> wrote:
+> being able to spend
+> a coin sent to an address generated by this scheme implies being able
+> to spend any coin generated
+> by this scheme.
+
+If you have the the full extended secret there then you can spend
+along the chain=E2=80=94 but just the plain ecdsa secret by itself is not
+enough to spend anything but that address itself.
+
+Or have I misunderstood you here?
+
+> The easiest deterministic wallet construction is simply to use a
+> stream cipher to generate random
+> bytes used as the private keys in a wallet. Hierarchical constructions
+> do not seem to me to add more,
+> other then distinguishing transactions by sending to unique addresses,
+> which could be done by other means.
+
+Sadly that construction has no ability to separate address generation
+from spending=E2=80=94 an important element for merchant applications. Not
+just for their own own distinguishing of transactions but because the
+use of fresh addresses is essential to the limited privacy properties
+of the Bitcoin system.
+
+I called that a type-1 deterministic wallet in some old forum post
+where I wrote about the different derivation schemes as opposed to the
+point combining type-2 construction. The hope in BIP32 was that we
+could get away just using a single one.
+
+