José Femenías Cañuelo has devised a way to make bitcoin more user-friendly. With its Easypaysy system, the Spanish developer wants to make it easier to remember recipient addresses. And all without compromising on privacy or security. And the good news is: nothing has to be changed about bitcoin. His solution can be used as a layer over bitcoin. In his white paper he describes how it works.
What’s the problem?
Bitcoin is still difficult to use, especially when it comes to recipient addresses (similar to account numbers). Just check: what do you do if someone wants to send money to your bank account? You will probably sum up your IBAN number without any problems.
But how different is it now with bitcoin. The address bc1qjl8uwezzlech723lpnyuza0h2cdkvxvh54v3dn cannot be simply beaten. Unless you are a prodigy like Vitalik Buterin.
And do you constantly use the same receiving address? Then you compromise on safety and privacy. All transactions can be found publicly on the blockchain. It is therefore advisable to regularly change reception addresses.
Easypaysy provides simpler addresses
With Easypaysy, every bitcoin user gets a unique account ID, for example [email protected]. This account ID then represents your bitcoin wallet that includes all of your recipient addresses. Even if you send bitcoin to this ID, you can still receive bitcoin at different recipient addresses on the blockchain. This way your privacy remains guaranteed.
José Femenías Cañuelo is intrigued by Bitcoin as a network, but finds receiving address addresses awkward. In his white paper he says the following about it: “Bitcoin addresses are really not intended for people. You cannot force anyone to make or receive payments to a crypto address. Just like you can’t force anyone to use only IP addresses to surf the internet. “
Your receiving address therefore no longer looks like an incomprehensible series of characters, but changes into a series of numbers that are easy to remember. Or as Cañuelo himself says: you also do not use an IP address to surf to a website.
Bitcoin developer Jimmy Song also finds Easypasy an interesting concept: “I haven’t thought about the disadvantages yet, but these account IDs provide more convenience than recipient addresses as we know them today. You can remember it more easily and, for example, print on a business card. “
Easypaysy proposal is interesting. I haven’t thought through the downsides, but allows for much easier-to-remember IDs than addresses that we use today. From a UI perspective, big win as it’s easy to remember and print on business cards. https://t.co/RmJTSznxGq h / t @AaronvanW pic.twitter.com/qxQGROPaaI
– Jimmy Song (송재준) (@jimmysong) December 2, 2019
Do you want to know how the solution works technically? Then read the white paper (PDF) here.