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Showing 2 of 2 results by cmartin1069
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Board Development & Technical Discussion
Re: Deterministic wallets
by
cmartin1069
on 22/10/2014, 23:56:00 UTC
Quote from: iddo on October 22, 2014, 08:12:12 PM
Quote from: cmartin1069 on October 22, 2014, 06:17:24 PM
I don't think that you want this organization to create the "seed" because it implies that this organization can also steal the user's coins.

Maybe what you want is that any user can generate a fresh seed (that derives privkey/pubkey pairs so that only the user knows the privkeys), where the master pubkey and master chaincode (that are derived from the seed that he generated) must be signed by this organization before this "user account" becomes valid on this network? This implies that new users are at the mercy of this organization, e.g., this organization may refuse to sign a new account unless it receives a bribe on the side. Also, if the signing key of this organization is compromised then all bets are off.

Agree with your initial observvation.   You idea sounds fantastic.  If I understand correctly, the governing organization would just know the master PUBLIC key and link that to the identify.  Perfect.

Perhaps you could explain a bit how the signing by the governing org of the pubkey and chaincode would validate it and the lack of the signing would prohibit use?  is this just something that the protocol would need to be coded to support?   and can I have more than one of the govening orgs? 

Thanks!
Post
Topic
Board Development & Technical Discussion
Re: Deterministic wallets
by
cmartin1069
on 22/10/2014, 18:17:24 UTC
At it's core, this is an HD Wallet question: 

I'm looking into developing a special purpose alt-coin and would like keep it largely the same as bitcoin except for what follows.  I would appreciate if someone would help me by telling me if a new protocol could be developed to support these requirements:

1.  we need to be able to have an internal organization create the seeds on behalf of a user (at their request.)
2.  this internal org would securely and confidentially maintain the user-to-seed relationship (no one else would know and it's a key requirement
3.  the user would be able to create any number of private or public keys themselves but always maintain the connection back to the original seed

Users would send and receive coins as bitcoin works today, with a blockchain as the ledger.  Users would be awarded coins by the company and can spend them/trade them with anyone else who also has a PK.

With these requirements, I would essentially have an audit trail of everyones transactions but only the internal organization could tie the transactions to a real employee.