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Bitcoin silent payments

Bitcoin Update: Peter Todd Proposes Expiration Dates For BTC Addresses

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a forward-thinking post to the Bitcoin-Dev mailing list, renowned Bitcoin Core developer and founder of OpenTimestamps, Peter Todd, has advanced the Bitcoin Improvement Proposal 352 (BIP-352) for integrating user-defined expiration dates to silent payment addresses in a bid to address concerns related to compromised or lost wallets.

Todd’s idea stems from a fundamental issue surrounding wallets that eventually fall into disuse. He postulates, “Wallets don’t last forever. They are often compromised or lost. When this happens, the addresses generated from those wallets become a form of toxic data: funds sent to those addresses can be easily lost forever.”

📢 #Bitcoin Update: @peterktodd suggests adding user-set expiration dates to $BTC addresses for silent payments. pic.twitter.com/zIqaSvyRmK

— Jake Simmons (@realJakeSimmons) August 16, 2023

A Proposal For More Bitcoin Privacy

Silent payments, a progressive development in the realm of BTC privacy, are particularly vulnerable. Unlike traditional Bitcoin addresses which are intended for one-time use, silent payments are designed for repeated transactions to the same address without compromising privacy.

As described on GitHub, silent payments enable users to “receive private payments from anyone on a single static address without requiring any interaction or extra on-chain overhead.”

Related Reading: BREAKING: Coinbase Granted Permission To Offer Bitcoin And Ethereum Futures In The US

Given their recurrent nature, Todd argues, “Failing to make Silent Payment addresses eventually expire in a reasonable amount of time is thus a particularly harmful mistake.”

To rectify this potential flaw, Todd’s proposal suggests integrating an expiration mechanism into silent payment addresses. His recommendation details an addition of “a 3 byte field to silent payments addresses, encoding the expiration date in terms of days after some epoch. 2^24 days is 45,000 years, more than enough. Indeed, 2 bytes is probably fine too: 2^16 days is 180 years.” He adds a touch of wry humor, jesting, “We’ll be lucky if Bitcoin still exists in 180 years.”

A key facet of this proposal is the user experience. Silent payments, with their potential for enhancing privacy, should also be convenient and secure for users. As Todd opines, “Wallets should pick a reasonable default, e.g. 1 year, for newly created addresses. Attempts to pay an expired address should just fail with a simple address expired.”

Related Reading: US Real Yield Is At A 14-Year High, What’s Next For Bitcoin?

It’s evident that Todd’s proposal addresses concerns that are quintessential for the evolving of Bitcoin. While Bitcoin Optech Newsletter #264 noted that the recommendation “received a moderate amount of discussion on the mailing list, with no clear resolution as of this writing”, the importance of this discourse cannot be understated for those invested in the future of Bitcoin and its underlying technology.

The ramifications of this proposal, if accepted and integrated, could shape the next phase of BTC’s journey, particularly as it pertains to user privacy and security.

At press time, the BTC price stood at $29,153.

Bitcoin price
BTC hovers above $29,000, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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