From: shiva sitamraju <shiva@blockonomics•co>
To: bitcoin-dev@lists•linuxfoundation.org
Subject: [bitcoin-dev] BIP49 Derivation scheme changes
Date: Wed, 30 Aug 2017 12:54:13 +0530 [thread overview]
Message-ID: <CABuOfuijNyNrdSfCXKySw0Qf7E1db8sgzWYgW9uOg_ZJJbuixA@mail.gmail.com> (raw)
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Hi,
I wanted to discuss few changes in BIP49
*- Breaking backwards compatibility *
The BIP talks about breaking this, and but it really doesn't. I really
feel it should completely break this. Here is why
What would happen if you recover a wallet using seed words ?
1. Since there is no difference in seed words between segwit/non segwit,
the wallet would discover both m/44' and m/49' accounts
2. Note that we cannot ask the user to choose an account he wants to
operate on (Segwit/Non segwit). This is like asking him the HD derivation
path and a really bad UI
3. The wallet now has to constantly monitor both m/44' and m/49' accounts
for transactions
Basically we are always stuck with keeping compatibility with older seed
words or always asking the user if the seed words came from segwit/non
segwit wallet !
Here is my suggestion :
1. By default all new wallets will be created as segwit m/49' without
asking user anything. I think you would agree with me that in future we
want most wallet to be default segwit (unless user chooses a non segwit
from advanced options)!
2. Segwit wallet seed words have a different format which is incompatible
with previous wallet seed words. This encodes the information that this
wallet is segwit in the seed words itself. We need to define a structure
for this
*- XPUB Derivation*
This is something not addressed in the BIP yet.
1. Right now you can get an xpub balance/transaction history. With m/49'
there is no way to know whether an xpub is from m/44' or m/49'
2. This breaks lots of things. Wallets like electrum/armory/mycelium
<https://blog.trezor.io/using-mycelium-to-watch-your-trezor-accounts-a836dce0b954>support
importing xpub as a watch only wallet. Also services like blockonomics/
blockchain.info use xpub for displaying balance/generating merchant
addresses
Looking forward to hearing your thoughts
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next reply other threads:[~2017-08-30 7:31 UTC|newest]
Thread overview: 7+ messages / expand[flat|nested] mbox.gz Atom feed top
2017-08-30 7:24 shiva sitamraju [this message]
2017-09-03 5:19 ` Thomas Voegtlin
2017-09-06 7:19 ` Dan Libby
2017-09-05 7:10 shiva sitamraju
2017-09-05 15:41 ` Pavol Rusnak
2017-09-05 16:33 ` Thomas Voegtlin
2017-09-06 5:20 shiva sitamraju
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