š
Original date posted:2021-08-28
š Original message:Following up on my original proposal, I would like to get some more feedback of the community
to see if this could be realized at some point. Also, any recommendations as to who to contact
to get things rolling?
Thanks,
TS
ts wrote on 8/15/21 11:23 PM:
> Entering a BTC address for a transaction can pose a risk of error (human or technical). While
> there is a checksum integrated in BTC addresses already, this is used only at a technical
> level and does not avoid entering a valid but otherwise wrong address. Moreover, it does not
> improve the overall user experience.
>
> In case this hasn't been discussed before, I propose to implement a 3 or 4 digit code (lets
> call it 4DC for this text), generated as checksum from the address. This 4DC should be shown
> in all wallets next to the receiving address. When entering a new address to send BTC, the
> sending wallet should also show the 4DC next to the entered address. This way, the sending
> person can easily verify that the resulting 4DC matches the one from the receiving address.
>
> This would mean that a receiver would not only send his public address to the sender, but also
> the 4DC (or communicate it via a different channel). A minor disadvantage since a) it is not > mandatory and b) it is very easy to do.
> However, it would greatly reduce the probability of performing transactions to a wrong address.
>
> Technically, this is very easy to implement. The only effort needed is agreeing on a checksum
> standard to generate the code. Once the standard is established, all wallet and exchange
> developers can start implementing this.
>
> Agreeing on a good name for this code would be helpful for a fast adoption (human readable
> checksum, verification code or 4DC are just examples).
>
> Obviously, this solution could be used for all other coins/networks. But ideally, each of them
> should have its own checksum algorithm, in order to further avoid sending funds to the wrong
> network. Especially when the address standard is the same like it is the case with BTC and BCH.
>
> Hopefully, Bitcoin can implement this first and serve as example-to-follow to other
> coins/networks.
>
> Cheers,
> TS
ts [ARCHIVE] /
npub16gā¦8hzyg
2023-06-07 22:58:10
in reply to nevent1qā¦j50q
Author Public Key
npub16g0u0er3urgenux4fa7gt2h8avvfa33r3657jcwne4naszvyq4qsv8hzygPublished at
2023-06-07 22:58:10Event JSON
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"content": "š
Original date posted:2021-08-28\nš Original message:Following up on my original proposal, I would like to get some more feedback of the community \nto see if this could be realized at some point. Also, any recommendations as to who to contact \nto get things rolling?\n\nThanks,\nTS\n\n\n\nts wrote on 8/15/21 11:23 PM:\n\u003e Entering a BTC address for a transaction can pose a risk of error (human or technical). While \n\u003e there is a checksum integrated in BTC addresses already, this is used only at a technical \n\u003e level and does not avoid entering a valid but otherwise wrong address. Moreover, it does not \n\u003e improve the overall user experience.\n\u003e \n\u003e In case this hasn't been discussed before, I propose to implement a 3 or 4 digit code (lets \n\u003e call it 4DC for this text), generated as checksum from the address. This 4DC should be shown \n\u003e in all wallets next to the receiving address. When entering a new address to send BTC, the \n\u003e sending wallet should also show the 4DC next to the entered address. This way, the sending \n\u003e person can easily verify that the resulting 4DC matches the one from the receiving address.\n\u003e \n\u003e This would mean that a receiver would not only send his public address to the sender, but also \n\u003e the 4DC (or communicate it via a different channel). A minor disadvantage since a) it is not \u003e mandatory and b) it is very easy to do.\n\u003e However, it would greatly reduce the probability of performing transactions to a wrong address.\n\u003e \n\u003e Technically, this is very easy to implement. The only effort needed is agreeing on a checksum \n\u003e standard to generate the code. Once the standard is established, all wallet and exchange \n\u003e developers can start implementing this.\n\u003e \n\u003e Agreeing on a good name for this code would be helpful for a fast adoption (human readable \n\u003e checksum, verification code or 4DC are just examples).\n\u003e \n\u003e Obviously, this solution could be used for all other coins/networks. But ideally, each of them \n\u003e should have its own checksum algorithm, in order to further avoid sending funds to the wrong \n\u003e network. Especially when the address standard is the same like it is the case with BTC and BCH.\n\u003e \n\u003e Hopefully, Bitcoin can implement this first and serve as example-to-follow to other \n\u003e coins/networks.\n\u003e \n\u003e Cheers,\n\u003e TS",
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