I'm asking this in newbie section because I can't be the first.
An ECDSA key is basically a 64 digit hex number (OK, 32 digit base256 but that's semantics)
A ripemd160 is basically a 40 digit hex number
A bitcoin version 1.0 address is basically a ripemd160 with a checksum, base58 encoded.
Um, let me do the math... carry the 3, add the four, yup - there are far more possible private keys than addresses.
I realize the odds are extremely low, but clearly collissions are possible where two different private keys generate the same ripemd160.
Wouldn't it be prudent to go to a version 2.0 address that uses something other than ripemd160 on the public key?? Like maybe a sha512sum ??
echo -n "test" |sha512sum
ee26b0dd4af7e749aa1a8ee3c10ae9923f618980772e473f8819a5d4940e0db27ac185f8a0e1d5f84f88bc887fd67b143732c304cc5fa9ad8e6f57f50028a8ff
It would result in longer addresses but there wouldn't be guaranteed collissions at some point, even if that point is not likely to happen in our lifetime.
Or am I just missing something?