W3C home > Mailing lists > Public > public-webpayments@w3.org > April 2013

Sending Bitcoins using RSA keys

From: Melvin Carvalho <melvincarvalho@gmail.com>
Date: Wed, 24 Apr 2013 16:18:38 +0200
Message-ID: <CAKaEYhLNS-9MLVr1AWB0mWUMoADvd03-7KMQp77ZGCfcu8E1Qg@mail.gmail.com>
To: public-rww <public-rww@w3.org>, Web Payments <public-webpayments@w3.org>, Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
So there's a slight world divide in digital payments with bitcoin using
ECDSA and GPG, payswarm / webid etc using largely RSA

Here's how to bring the two worlds together and enable bitcoins be sent
over webid or payswarm


Problem: Alice and Bob have RSA key pairs, but no public bitcoin
addresses.  Alice wants to send 1 BTC to Bob.

1. Alice takes Bob's WebID and encrpyts it with her private key (to create
entropy) ...

2. Alice uses that message as the seed to produce btc address (as per
http://brainwallet.org ) with ECDSA key pair

3. Alice sends coins to this address

4. Alice and then encrypts the seed again with Bob's public key

5. Bob decrypts the seed using his private key

6. Bob can now use the seed to recreate the wallet and spend the coins

Unless I've made an error, I believe this unites the web paradigm and
crypto currency paradigm into one potentially giant eco system ...
Received on Wednesday, 24 April 2013 14:19:06 UTC

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