Hynek on Nostr: I see verified contacts as the most important feature to develop right now. It may ...
I see verified contacts as the most important feature to develop right now. It may not seem revolutionary on its own, but I believe it is a fundamental building block for a resilient P2P network.
- You verify your contact’s identity (npub) in your hardware wallet.
— This is best done offline. You don’t need many contacts, just ones you fully trust.
- When sending an on-chain transaction, you use an address signed by that contact.
— This means you don’t need to check the address on your HWW, just the human-readable name tag.
- The verified contact’s address can be automatically retrieved in the background.
— We tested this using Nostr in our prototype, and it worked well.
- The same approach can be used to verify anything else.
— For example, LN invoices or Ark addresses.
- This could also enable:
— P2P marketplaces
— Social backup
— Trust-based scaling
Ideally, a high-quality standard would emerge that various HWWs could adopt. This would allow deriving backups for any hot wallets, and verified contacts could be used consistently across all applications.
- You verify your contact’s identity (npub) in your hardware wallet.
— This is best done offline. You don’t need many contacts, just ones you fully trust.
- When sending an on-chain transaction, you use an address signed by that contact.
— This means you don’t need to check the address on your HWW, just the human-readable name tag.
- The verified contact’s address can be automatically retrieved in the background.
— We tested this using Nostr in our prototype, and it worked well.
- The same approach can be used to verify anything else.
— For example, LN invoices or Ark addresses.
- This could also enable:
— P2P marketplaces
— Social backup
— Trust-based scaling
quoting note174q…d5y4High-level idea for gradual scaling of bitcoin with the proper combination of verified contacts, cashu, nostr, and channel factories.
See the post on GitHub:
https://github.com/hynek-jina/Hynek/blob/main/blog/Channel%20Factories%20fueled%20by%20Cashu.md
Ideally, a high-quality standard would emerge that various HWWs could adopt. This would allow deriving backups for any hot wallets, and verified contacts could be used consistently across all applications.