Making Bitcoin Harder to Lose by digicrypt

View this thread on: hive.blog | peakd.com | ecency.com

bitcoin · @digicrypt · May 13 '17 (edited)

$1.77

Making Bitcoin Harder to Lose

<html>
<h3><img src="https://s10.postimg.org/70kq7rpx5/12795733984_f92c088963_b.jpg" width="1024" height="614"/></h3>
<h3>We have all read horror stories about people who lost thousands of dollars of Bitcoin by sending it to the wrong address or by misplacing their private keys.</h3>
<h3>Recently I have seen several posts on Steemit about people who made a typo in the address when transferring Steem thus losing their hard earned crypto.</h3>
<h3>Crypto currency is an amazing and empowering technology that gives the power of currency to the people. With great power comes great responsibility. One of the downsides of crypto is the high risk of personal error when storing or transacting with Bitcoin.</h3>
<h3>One man is trying to make Bitcoin harder to lose.</h3>
<h3>Bitcoin Core developer Pieter Wuille's latest project <a href="https://github.com/bitcoin/bips/blob/master/bip-0173.mediawiki">Bech32, </a>seeks to make subtle changes to protect users from themselves.</h3>
<h3>The idea is to create a new type of Bitcoin address that will detect when users are using the wrong address.</h3>
<h3>In an interview with Coindesk.com, Wuille explains the idea came about when developers realized a new address scheme would be needed if segregated witness SegWit was to be implemented.</h3>
<h3>Wuille told CoinDesk:</h3>
<p>"Given that we're forced to define a new standard anyway for native SegWit addresses, why not take the opportunity to introduce something better?"</p>
<p><img src="https://s28.postimg.org/jewq35xt9/opengraph.png" width="500" height="500"/></p>
<h1>Proposed Changes</h1>
<h3>The new address methodology would make the following changes</h3>
<ul>
  <li>Increased user readability by removing similar looking characters, "0" and "O" for example.</li>
  <li>keep characters in either all upper case or all lowercase.</li>
  <li>Error checking- The new address would include error detection. When typing an address a wrong letter would be detected and highlighted to inform the user.</li>
  <li>Increased decoding speed</li>
</ul>
<h3>It is important to note that while this technology was originally intended for Bitcoin, other crypto communities, such as Litecoin, are looking into possible implementation as well.</h3>
<h3>Wuille notes that there are other real world applications for this new address scheme outside of cryptocurrency.</h3>
<h3>If you want to learn more about private key encryption check out my <a href="https://steemit.com/cryptocurrency/@digicrypt/cryptology-series-part-6-types-of-asymmetric-systems">Cryptology Series</a></h3>
<h3>I would also encourage you to read the original interview with <a href="http://www.coindesk.com/pieter-wuilles-latest-project-making-bitcoin-harder-lose/">Coindesk</a> as well as the <a href="https://github.com/bitcoin/bips/blob/master/bip-0173.mediawiki">paper</a> outlining the new scheme.</h3>
<p><br></p>
<h3>What are your thoughts on the proposed changes?</h3>
<h3>Do you have your own horror story about losing crypto that you would like to share?</h3>
<h3>Let me know in the comments below!</h3>
<p><br></p>
<h3>Sources</h3>
<p>https://github.com/bitcoin/bips/blob/master/bip-0173.mediawiki</p>
<p>http://www.coindesk.com/pieter-wuilles-latest-project-making-bitcoin-harder-lose/</p>
<p><br></p>
<h3>If you want to stay up to date on crypto news follow my blog <a href="https://steemit.com/@digicrypt">@digicrypt</a>.</h3>
<h3>DASH: XgQ9NBonMoCPKhF37agY4W8zk7gwQFnwGV</h3>
<h3>Litecoin: LfqygtBxy3AJgEpTnTMUYGEoTYEcED8YPZ</h3>
<p><br></p>
<p><img src="https://s22.postimg.org/v7jwny8fl/Digicrypt_Logo.jpg" width="581" height="216"/></p>
<p><br></p>
</html>

👍 pharesim, sirwinchester, bue, lydon.sipe, v4vapid, jocra, digicrypt, jlufer, adventureevryday, runridefly, dhenz, stonedfood, bue-witness, boy, deepapoudel, darth-azrael, mini, darth-cryptic, michaelbkearney, daniel.pan, wendybretherton, ruttydm, zenmojo, creutzy, kevinbrownn, lifelovelifting, marycinta, kaeptnkook, mls, healthcare, bunny, mariokim75, craigslist, helen.tan, moon, davidcurwain

`author`	digicrypt
`permlink`	making-bitcoin-harder-to-lose
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin","cryptocurrency","crypto-news","steem","news"],"image":["https://s10.postimg.org/70kq7rpx5/12795733984_f92c088963_b.jpg","https://s28.postimg.org/jewq35xt9/opengraph.png","https://s22.postimg.org/v7jwny8fl/Digicrypt_Logo.jpg"],"links":["https://github.com/bitcoin/bips/blob/master/bip-0173.mediawiki","https://steemit.com/cryptocurrency/@digicrypt/cryptology-series-part-6-types-of-asymmetric-systems","http://www.coindesk.com/pieter-wuilles-latest-project-making-bitcoin-harder-lose/","https://steemit.com/@digicrypt"],"app":"steemit/0.1","format":"html"}
`created`	2017-05-13 16:46:18
`last_update`	2017-05-13 16:48:51
`depth`	0
`children`	8
`last_payout`	2017-05-20 16:46:18
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	1.371 HBD
`curator_payout_value`	0.397 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	3,642
`author_reputation`	9,344,424,618,224
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	0
`post_id`	3,383,002
`net_rshares`	1,126,590,437,952
`author_curate_reward`	""

properties (23)vote details (36)

voter	rshares	pct
pharesim	723,027,537,332	8%
boy	3,872,704,184	100%
bue-witness	4,722,108,746	100%
bunny	694,663,385	100%
bue	77,406,237,118	100%
mini	2,069,896,108	100%
moon	263,173,280	100%
healthcare	771,387,276	100%
daniel.pan	1,220,352,756	100%
helen.tan	352,793,313	100%
craigslist	521,957,338	100%
sirwinchester	154,396,239,850	100%
runridefly	7,138,904,780	8%
jlufer	10,828,826,359	100%
lydon.sipe	41,912,859,815	100%
adventureevryday	8,022,693,378	61%
mls	902,067,865	100%
v4vapid	24,526,672,498	100%
darth-azrael	2,643,924,919	33%
lifelovelifting	1,186,416,036	100%
davidcurwain	258,821,284	100%
darth-cryptic	1,742,219,227	100%
stonedfood	5,358,492,880	100%
digicrypt	12,821,107,781	100%
deepapoudel	2,655,118,819	100%
wendybretherton	1,193,545,175	100%
jocra	20,198,180,469	100%
marycinta	1,185,137,921	100%
michaelbkearney	1,288,902,357	100%
mariokim75	525,077,899	100%
ruttydm	1,193,358,406	100%
dhenz	6,987,298,299	100%
kaeptnkook	1,121,743,071	100%
zenmojo	1,193,340,986	100%
creutzy	1,193,338,711	100%
kevinbrownn	1,193,338,331	100%

@aashishkandel · May 13 '17

wow! this is awesome..
> to create a new type of Bitcoin address that will detect when users are using the wrong address.

it will come really handy and useful

properties (22)

`author`	aashishkandel
`permlink`	re-digicrypt-making-bitcoin-harder-to-lose-20170513t170107354z
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin"],"app":"steemit/0.1"}
`created`	2017-05-13 17:01:12
`last_update`	2017-05-13 17:01:12
`depth`	1
`children`	2
`last_payout`	2017-05-20 17:01:12
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	159
`author_reputation`	4,731,147,170,715
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	3,383,318
`net_rshares`	0

@digicrypt · May 13 '17

Yeah I think this change, if succesful, would make people more comfortable using BTC.

👍 aashishkandel, mariokim75

`author`	digicrypt
`permlink`	re-aashishkandel-re-digicrypt-making-bitcoin-harder-to-lose-20170513t170303563z
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin"],"app":"steemit/0.1"}
`created`	2017-05-13 17:03:00
`last_update`	2017-05-13 17:03:00
`depth`	2
`children`	1
`last_payout`	2017-05-20 17:03:00
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	85
`author_reputation`	9,344,424,618,224
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	3,383,359
`net_rshares`	1,132,062,609
`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
aashishkandel	0 B		606,984,710	100%
mariokim75	0 B		525,077,899	100%

@aashishkandel · May 13 '17

yeah, sure , it will

properties (22)

`author`	aashishkandel
`permlink`	re-digicrypt-re-aashishkandel-re-digicrypt-making-bitcoin-harder-to-lose-20170513t171959208z
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin"],"app":"steemit/0.1"}
`created`	2017-05-13 17:20:00
`last_update`	2017-05-13 17:20:00
`depth`	3
`children`	0
`last_payout`	2017-05-20 17:20:00
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	20
`author_reputation`	4,731,147,170,715
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	3,383,701
`net_rshares`	0

@adventureevryday · May 13 '17

This is a great idea, and much needed for crypto to continue it's growth I think.

properties (22)

`author`	adventureevryday
`permlink`	re-digicrypt-making-bitcoin-harder-to-lose-20170513t171232359z
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin"],"app":"steemit/0.1"}
`created`	2017-05-13 17:12:30
`last_update`	2017-05-13 17:12:30
`depth`	1
`children`	0
`last_payout`	2017-05-20 17:12:30
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	81
`author_reputation`	27,700,104,828,406
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	3,383,551
`net_rshares`	0

@jocra · May 13 '17

I think it is a great idea! It will make easier to the common people. 

One time, i copy the address of Bitcoin Dark from Poloniex and send Bitcoin there... Thanks God was a fews satoshis.

properties (22)

@digicrypt · May 13 '17

I agree, I hope this makes transactions easier and more secure from user error.

properties (22)

`author`	digicrypt
`permlink`	re-jocra-re-digicrypt-2017513t174751567z-20170513t222315388z
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin"],"app":"steemit/0.1"}
`created`	2017-05-13 22:23:12
`last_update`	2017-05-13 22:23:12
`depth`	2
`children`	0
`last_payout`	2017-05-20 22:23:12
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	79
`author_reputation`	9,344,424,618,224
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	3,390,111
`net_rshares`	0

@ruttydm · May 13 '17

A time ago, I withdrawed 0.001 bitcoin from a site but they send me 1 bitcoin instead :) I sold it for 400 dollars on localbitcoins.

👍 mariokim75

`author`	ruttydm
`permlink`	re-digicrypt-making-bitcoin-harder-to-lose-20170513t165413813z
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin"],"app":"steemit/0.1"}
`created`	2017-05-13 16:54:15
`last_update`	2017-05-13 16:54:15
`depth`	1
`children`	1
`last_payout`	2017-05-20 16:54:15
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	132
`author_reputation`	173,804,565,165
`root_title`	"Making Bitcoin Harder to Lose"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	3,383,163
`net_rshares`	525,077,899
`author_curate_reward`	""

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
mariokim75	0 B		525,077,899	100%

@digicrypt · May 13 '17

You are one of the lucky ones on the other end!

properties (22)