Blocktrades Shoots Down Wallet Addresses
3 years ago in #hive by inertia (74)
$8.47
- Past Payouts $8.47
- - Author $4.60
- - Curators & beneficiaries $3.87
- > peakd: $0.21
131 votes
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He was answering howo who said that storing keys isn't a big obstacle. But it was quick answering, I believe that the mere fact of understanding why there is multiple keys is complicated.
Having addresses with one private key that can only send/receive can:
1- enable people to have cold wallets without the account creation process.
2- enable people to earn hive on Dapps through centralized coin distribution before they actually make a full account and start earning with the real proof of brain. This can be done by creating a real account and tie it to a light account in the background. Yes it's centralized but it allows people to earn tokens in their light account, and then claiming the actual hive account backing it when they want to.
I've created cold wallets on graphene-based chains, so it's quite possible now. Here's a simple mechanism:
The resulting cold wallet account has a name, but there's no real problem with that, IMO.
Right, but you can't (currently) do:
hive-wallettool to generate a public/private pair as your wallet.Instead, it's a slightly bigger hassle (slightly bigger to us, massively bigger hassle to people who are unfamiliar with our blockchain). That's all I'm getting at. There's no path to do a snap decision to buy HIVE and get it off the exchange, like many other blockchains support.
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OTOH, there's little data to support that that's how most crypto investors make snap decisions. There's a big assumption in that last part "transfer funds to newly provisioned wallet".
My guess, by contrast, is that most ethereum investors didn't buy ethereum that way, for example, especially as the wallet for it was quite annoying for a long time. So if they had actually used the wallet much, they probably wouldn't have been investors.
Early Ethereum had a C++ wallet. In 2014, if you were into crypto, you were perfectly happy with a C++ tarball to provision your wallet.
But I'll accept that there's little data to support my snap decisions scenario. I'm not saying that it would open up the flood-gates of investors.
My only point is that I suspect it's not all about saving fees.
And I should clarify that I'm not opposed to someone working on this, if they want. I'm just not convinced it's important enough to devote work to it now.
Creating Hive accounts is tedious. And I have creation tokens, plus I know my way around.
If I need a new ETH address, I just go create it. It's so easy.
Creating a new hive account takes a couple seconds (using account creation tokens)... what aspect is hard? What system are you using to create?
Securely storing 5 keys is annoying as hell. Especially if all I need is a cold wallet.
Not to speak of users who aren't already familiar with Hive. Then it's just baffling.
Ok yeah i thought you were talking about CREATING an account which is incredibly simple. But storing keys and dealing with keys is a brand new and often challenging world for most new users. Agreed.
Also the aspect of having them do their own transactions by running independent software (keychain, peaklock or hivesigner). They're used to having the website do the transactions for them. However keys come with ownership and that's the main product in my opinion that we offer that other content platforms do not offer and keys and several independent signing tools are the main reason we can offer true ownership. So it's hard to be mad at the complexity of keys ... BUT... we still need to find a creative solution to helping new users.
That's why it would be nice to have an easy way to create wallets with a simple pair of keys (like ETH) that can only store and transfer tokens. These addresses could be some alphanumeric mess to distinguish them from "social" Hive accounts.
It increases safety because people have an easy and familiar way to store HIVE off exchanges.
we are one of the only blockchains to have "human readable" addresses. In that sense we are more user friendly than all those other blockchains. This is our advantage.