BREAKING NEWS! Coin.fyi has been acquired by VC firm Morningstar Ventures. Read more

Monero
$205.01 -0.59%
XMR · 6w

'This [Seraphis address scheme] would preserve more privacy when using an external scanning service at the cost of more computation for the client to filter out the false positive outputs.' - tevador

There is no doubt that Seraphis will bring quite large user-facing changes regardless of which exact addressing scheme is used. It may be worthwhile to take this opportunity to rethink the paradigm and move away from addresses completely. I understand that this might be too radical and it's unlikely to be implemented in Monero, but I'm going to discribe it anyways in case someone cares. I will preface this with an explaination why addresses are bad, then I will present an alternative and describe how it works from the user's point of view. The cryptographic details are at the end. The original vision Satoshi Nakamoto originally thought of addresses as "account numbers" and they were meant to be handled and compared by humans directly (see this comment in Bitcoin 0.1). This was also the reason why Bitcoin addresses were 160-bit hashes - to be as short as possible. A typical v1 Bitcoin address is 34 characters long, which is coincidentally the maximum length an IBAN can have. Problems of addresses Nowadays cryptocurrencies are not used just by enthusiasts and the inherited paradigm of base58-encoded account numbers is, in my opinion, a UX nightmare. Especially for Monero, the original vision clearly fails. 100+ character strings encoding 2-3 public keys can hardly be considered as identifiers anymore. I'd wager that the vast majority of crypto transfers involve copy pasting meaningless strings without any feedback to the user. The main issues of this are: Security. Using humans to verify and pass around cryptographic material is just about the worst option. One of the common attacks involves clipboard address swapping malware. Susceptibility to mistakes. People send funds to the wrong address all the time. This is also the primary reason why integrated addresses are still popular and many people are against deprecating them. Addresses lack context. From a UX standpoint, the public keys only make sense when bundled with an amount, a human-readable nam...
Continue on github.com
Recent News