Post
Topic
Board Development & Technical Discussion
Re: Brainwallet
by
HeRetiK
on 02/01/2018, 17:33:32 UTC
[...]

ACK. But, even if your hardware wallet almost never breaks, the law of big numbers dictates, that one will break within a few years, provided enough such wallets exit. My concern is, that at some point in time, the hardware is not supported anymore. What, if someone passes the hardware wallet to his / her children or grandchildren, but the computers have no usb-port anymore. Today, who has a working floppy disk drive at home. And floppy disk drives were relatively common around 2000, even though not state of the art these days. Even today CD/DVD-devices are not standard anymore.

I would prefer a system which follows the KISS-principle (KISS = Keep It Simple Stupid) for long term archiving: Firstly, the code should reproducible easily. I am not sure, if the bash is perfect for this. But I like it, since most algorithms are already developed by experts and available on a standard linux system. They only have to be plugged together. Secondly, code should be easy to understand (which might be a little bit contradictory with respect to bash-syntax). (In my case, comments are still missing in some scripts in the moment. And code is not uniformly yet with respect to mathematical computations.) But it should be possible to print out the scripts and the linux version used and archive it in a bookcase or similar. Much better would it be if it can be carved in stone or glas.

Yes, one could argue, that Bitcoin might be obsolescent in a few years. But this is no counter-argument against secure long term archiving.

[...]

Regarding hardware breakage and obsolescence: Hardware wallets follow an industry standard (or whatever you may call it in our ecosystem) as far as seed words and private key derivation is concerned. This enables recovery of hardware wallets using software wallets such as Electrum.

Worst case you can still run a virtual machine / emulator once Electrum reaches end of life and is not supported by modern operating systems anymore. Best case you have other implementations to choose from, which will likely be the case since the private key derivation scheme used by current hardware wallets is an open standard.

Granted, it requires more code than just deriving a single private key from a complex passphrase, but at least to me this looks like a reasonable approach at securing Bitcoin wallets for the foreseeable future.

Mnemonic recovery seeds:
https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki

Deterministic private key derivation:
https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki
https://github.com/bitcoin/bips/blob/master/bip-0044.mediawiki