Ninjastic
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Board Development & Technical Discussion
Merits 2 from 1 user
Why is ECDSA needed at all?
by
RealBitcoin
on 19/10/2016, 23:16:53 UTC
⭐ Merited by ETFbitcoin (2)
This may sound silly or even genius, and I am not a big expert or cryptographer, but as I look at it, the public->private key system is 1 directional, so why do we need to use ECDSA when we could just use a SHA-256 instead or something like that. Lemme explain my theory, how we could make a blockchain without ECDSA:


  • Private key generated with RNG, then hashed with SHA256, the SHA256 hash , this would be the pubkey, and a Base58encoded checksumed version would be the bitcoin address
  • Bitcoin address and bitcoin private key included in blockchain at spending, so miners can verify the owner without the need for asymmetric cryptography, the private key would be revealed when you send money to a new address, so this way addresses will be forcibly reused, and would no longer serve as "accounts" but only as a receipt of transaction
  • The public key would be sent first ,and after 6 confirmations, the private key is sent, this would ensure that nodes/miner cant steal/double spend the coin. The pubkey gets indexed in the blockchain, after 6 confirm the private key gets indexed too ,and after another 6 confirm the transaction is finalized
  • If nodes/miners reject the public key and is not included in the blockchain, then the user would not send out the private key (the private key revelation is the finalization of the transaction)
  • The change would be sent back to the owner's change address, fee sent to miners, and the sum sent to the destination address
  • Mining protocol not affected
  • A lot of unnecessary work would be eliminated for both nodes and miners
  • More efficient cryptocurrency model
  • When you would sign a message with the address, it would automatically send the money from that address to a new address of yours, so that a message signing would still prove that you own that address, but the money need to be sent to a change address to ensure that the verifier doesnt stea it
  • Ultra secure, quantum secure, since we would no longer be constrained by a 128 bit private key, but by even a 1000 bit key by using numbers, letters, special characters to generate the private key, it would be way more secure

What do you think of my idea? Did Satoshi miss this thought?