From: Jonas Schnelli <dev@jonasschnelli.ch>
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Date: Wed, 30 May 2018 21:03:46 +0200
References: <CABuOfuhMGFGc1tyjcOmnUk1OrWp2d6ppKc8phLT9pXCj8vs+qg@mail.gmail.com>
To: shiva sitamraju <shiva@blockonomics.co>,
	Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
In-Reply-To: <CABuOfuhMGFGc1tyjcOmnUk1OrWp2d6ppKc8phLT9pXCj8vs+qg@mail.gmail.com>
Message-Id: <FE65454B-B30A-4CEF-B568-B2746BD2BC0B@jonasschnelli.ch>
Subject: Re: [bitcoin-dev] New serialization/encoding format for key material
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Hi

> - Visually Comparing two keys to find if they are same (Important)
> - Different wallet software could set different birthday/gap limit. =
creating different xpub/xprv for the same set of mathematically derived =
individual keys. This removes the decoupling between key and wallet =
metadata

What would be the downside of encoding the same key with different =
metadata (resulting in different "visual strings=E2=80=9C)?
If you import it into the same software, it would be trivial to detect =
it. If you import it into another software, it probably doesn=E2=80=99t =
matter.

Visual comparing is eventually a broken concept (agree with Greg) and I =
doubt that this property is important, and IMHO basic metadata seems =
more important then this - very likely irrelevant - visual property.

Also, I think a recovery based on a sole xpriv (or + limited amount of =
meta-data as described in this proposal) is a disaster recovery (or =
forensic recovery).

Long term, I would wish, if wallet-metadata including transaction based =
user metadata would be backed up - after encrypted with a key that can =
be derived from the seed - in a way, where you need the seed to recover =
that backup thus it can be stored in cheap, insecure spaces.

>=20
> In fact, same could be argued to add birthday to WIF private key =
format to let wallet discover funds faster.
>=20

The proposal I made can be seen as a replacement for WIF (it can replace =
WIF and xpriv/xpub) since it can encode a single private key into =
275bits (still pretty short Bech32 string).

/jonas

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