Reusable Payment Codes May Be the Solution to Onename’s Privacy Concerns


The confusing, user-unfriendly format of Bitcoin addresses has turned off many possible new users in the past, but Onename has been working on a solution to this ease-of-use issue for quite some time. Although the ability to link a Bitcoin address to a Onename username has been available for a while now, a newly released API will allow bitcoin users to share one easy-to-understand name with their friends and work colleagues.

Privacy Concerns Remain

Although Onename allows users to map their username to a static Bitcoin address, there are a few issues with the current setup. Reusing addresses is known to be bad for privacy in Bitcoin, and not many knowledgeable bitcoin users want to move to a system that will publicly broadcast all of their transactions for the world to see. While it’s true that all bitcoin transactions are technically public, using Onename would make it trivial for another party to track all of an individual’s financial activity – or at least the transactions that used the Onename alias.

A Possible Solution with BIP47

On Reddit, Onename co-founder Ryan Shea recently commented about a possible solution to this privacy problem:

Although stealth addresses have been viewed as

Read more ... source: TheBitcoinNews