Topic: Diginomics - Decentralized Bitcoin-to-Email Payments (Read 889 times)

Diginomics Wallet is a bitcoin application built on the Ethereum platform for sending payments via email without requiring the administration of traditional wallet addresses. Usability of bitcoin has been limited to the degree of understanding by new participants and one main factor is the 34-character string which designates sender and receiver.

We bring the application of sending bitcoin payments to and from email aliases instead of bitcoin wallet addresses. In order to do so, we propose to extend the payment protocol to BIP70 standards. The BIP70 protocol is designed add additional features to Bitcoin by replacing the ubiquitous Bitcoin address with small files that can encode more complex parameters. It specifies a format for payment requests, payments and payment acks that flow directly between the sender and receiver of funds.

In order to make the application available to internet users, we broadcast our server from a full node running the Diginomics-Ethereum Blockchain. Instead of requiring a downloadable wallet client, we aim to make the Diginomics Wallet available through a web browser. By doing this, users can hold a private key issued only to them, while retaining access to a webwallet.

Bitcoin Addresses

1X87ccSNptPLw2WezGiT6DXyRnyHe6iCev
SHA-256 Hash Security
Very Difficult to Memorize
Not User-Friendly

Email Addresses

[email protected]
Short, Easy to Memorize, Personal
Not Entirely Secure

Application Process

Send Bitcoin to [email protected]
Diginomics Wallet Houses IP Address of [example.com]
Server Verifies IP Request for [user]
Diginomics Wallet Responds With Payment to [[email protected]] associated account

Extending BIP70

Extending the BIP70 payment protocol to include email addresses would all users to benefit from the familiarity and usability of sending bitcoin by email. Users still trust the server, but a Diginomics full node is completely transparent and unable to ‘cheat’ the system. The BIP70 protocol also promises to attach strings for messaging and the compatibility of email makes the prospect of emailing bitcoin a viral one.

Potential Solution

Users Register With Public Key
User Signs Request With Public Key
Server Verifies User Signature
Server Signs Request

Properties

Protection: Server Cannot ‘Cheat’
Possibly Compatible With Current BIP70

We are looking for a software engineer hacker type to collaborate on with this project. Remote work is acceptable. We have registered investments in the Ethereum crowdsale. Compensation will be primarily through equity. This is an early-founder position.

Read our full paper.

For more information, please contact us.