IOTA
$0.49591 1.35%

Reusable addresses with IOTA-Pay! – Olaf van Wijk – Medium

A second layer approach

To make a solution that works and is completely verifiable without the need for any third party we have identified some key requirements for any solution that attempts to solve this problem. Different second layer approaches have been proposed to tackle this issue for IOTA but all of them missed one or more of these key features:

It requires a single reusable and unforgeable reference, alias, account, address etc. The main point here is that it needs to be something verifiable unique. Someone must independently be able to verify the correctness of a such a reference and be able to identify fraudulent behavior. The source of all information that is sent to this reference/address must be verifiable. This so that when we expose an unused address we at least know it is the same person doing it. IOTA Seeds must never leave the client. No solution should ever require a seed to be send to a back-end service to work. Nor should a seed be generated and stored in such a back-end service. This compromises the very basic security guarantees that DLT’s in general stand for. This automatically means that IOTA specific addresses must be generate on the client as well. No two parties must have access to the same funds. Seems obvious but if I just give you the key you have the funds right? But we live in a digital world so there is no guarantee that the key creator doesn’t keep a copy himself. This would require immediate action from the receiver for funds to be safe (he has to transfer them to another address, until he does the funds are insecure.). The software needs to be open source. To trust the software we need to be able to view its source. It is not a 100% guarantee but it is a minimal requirement. The software for its functionality should not rely on any back-end servers other then IOTA-Nodes. By just using IOTA Nodes the communication becomes pure ‘Tangle talk’. Meaning the method can be easily portable to each language and platform whil...
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