So how do you freeze your address-sealing keys, to make sure no-one can use them to unfreeze your frozen accounts?
Its turtles all the way down.
-MarkM-
Topic: offline address - or a way to explicitly freeze an address - page 3. (Read 2619 times)
I will try to explain further with detailed examples, implementation and pros/cons later. 
Yes, I am aware of addresses generated offline, and tools used to generate addresses offline. But, I tried to import private key to my block chain.info wallet and password protected wallet is backed up to many places. My password is quite strong, but I want to have more security for my wallet / address. Like, if I could externally freeze spending from my addresses, I think that would be great.
Whenever I want to spend btc I can unfreeze specific address for short period of time, and then freeze them again (by signing with different keys every time??).
This way I don't have to worry about my wallet getting stolen, because my addresses were frozen for spending.
All this is for I want to keep my firstbit addresses (1vijay, 1visu) forever. I still can create multi-sign (3xx*) addresses with one of these addresses part of it, but that's entirely different story.
Whenever I want to spend btc I can unfreeze specific address for short period of time, and then freeze them again (by signing with different keys every time??).
This way I don't have to worry about my wallet getting stolen, because my addresses were frozen for spending.
All this is for I want to keep my firstbit addresses (1vijay, 1visu) forever. I still can create multi-sign (3xx*) addresses with one of these addresses part of it, but that's entirely different story.
Any comments?
DannyHamilton told you how people implement this today.
Any comments?
You can generate an address offline.
As long as you keep the private key secret, nobody can steal the bitcoin.
As long as you keep the private key secret, nobody can steal the bitcoin.
Frozen / Locked / Offline addresses
What is a 'frozen' address?
An address locked for spending (but yet it can receive money)
Why you want to 'freeze' an address?
To prevent spending in case of stolen / compromised private key
How is that possible?
Simple. protect it with another key.
How you protect this 'freeze' key?
Generate offline. Use one key only once (twice, for lock and unlock)
but, turtles all the way down?
two turtles better than one turtle?
What is made possible now by this 'freezing'?
you can use your cool firstbits address forever without worrying about stolen key
Why so much attachment to some random bit, after all it is free?
may be it is trivial in my case (1vijay), but what about these firstbits 1, 1paypall, 1citi, 1microsoft, 1google, etc.
Is this some kind of planned loophole / backdoor that allows access to .. ?
no, only who can spend can freeze
How safe is this 'frozen' address ?
the safest; safer than a paper wallet
Safer than a paper wallet?
yes, spending is prevented by implementations
The safest, huh?
yes, hm.. I mean, only as safe as your 'freeze' key
How will this be implemented?
A team working on this (now, its only me)
I want this to be implemented, what can I do?
let the world know. participate in the poll of this thread
(to be continued)
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