From: Forrest96er <abel.fricke@gmail•com>
To: Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
Subject: [bitcoindev] Idea for BIP : Deterministic Wallets with Token support
Date: Sat, 6 Jul 2024 13:41:42 -0700 (PDT) [thread overview]
Message-ID: <72e1b8bf-11d0-4ee7-a18a-949d0e8acb16n@googlegroups.com> (raw)
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Hello,
The number of new tokens for Ethereum and Ethereum-like coins has increased
dramatically. However, the wallet structure for managing multiple coins
based on a single seed has not been updated to accommodate this new
scenario. Currently, all tokens are managed using the same derivation path,
resulting in the creation of identical addresses across different tokens,
significantly reducing privacy. To address this issue, the wallet structure
for HD wallets needs to be updated.
Simply adding an additional node to the derivation path is not practical
for various reasons.
A better solution is to use the address or identifier of the token for
creating private and public keys. This can be achieved by adding an
additional input to the HMAC function, which is used to generate child
private and public keys. It is advisable to apply a collision-free hash
function before using HMAC.
m / purpose' / coin_type' / account' / change / index
I recommend applying the modification at the "Change" node. Without
modification, the creation of an address for the base coin (no token) is
targeted.
With the modification, the token- adress is targeted.
This approach also has the advantage that if hardware wallets are used,
only the extended public keys of a coin need to be exported once to the
front-end application. After that, the front-end application can generate
all public keys needed to scan for transactions on all tokens. Even if a
token did not exist at the time of the public key export, it could later be
found without any additional export.
Did I miss something?
If an attacker obtains some public keys used in a transaction for a token,
he should not be able to calculate the public keys of other tokens or the
base coin.
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next reply other threads:[~2024-07-06 20:44 UTC|newest]
Thread overview: 3+ messages / expand[flat|nested] mbox.gz Atom feed top
2024-07-06 20:41 Forrest96er [this message]
2024-07-07 2:10 ` [bitcoindev] " Aneesh Karve
2024-07-09 0:55 ` Forrest96er
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