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Author Topic: Distributed wallets/bank accounts?  (Read 604 times)
Elwar
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August 17, 2011, 06:47:36 PM
 #1

Just a high level idea but...

Would it be possible to create a distributed system of wallets such that the wallet is created, simultaneously encrypted and then distributed on a system of servers similar to the way Bitcoin now works where an encrypted file is kept on various servers all over the world. And to connect to your wallet you merely need to connect to one of these servers, deposit some money and create a password and from then on that account is your own. Those that run the server could get a fixed interest amount for hosting your account in a similar fashion as the way miners are paid.

Then during a transaction you could just connect to the account network and authorize the transaction.

I have no idea but just figured I would throw that out there.

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SgtSpike
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August 17, 2011, 07:02:08 PM
 #2

Just a high level idea but...

Would it be possible to create a distributed system of wallets such that the wallet is created, simultaneously encrypted and then distributed on a system of servers similar to the way Bitcoin now works where an encrypted file is kept on various servers all over the world. And to connect to your wallet you merely need to connect to one of these servers, deposit some money and create a password and from then on that account is your own. Those that run the server could get a fixed interest amount for hosting your account in a similar fashion as the way miners are paid.

Then during a transaction you could just connect to the account network and authorize the transaction.

I have no idea but just figured I would throw that out there.
I've suggested the same thing in the past, and we came to the conclusion that yes, it would be possible, but nothing like it exists yet, so it would be difficult, time-consuming, and potentially expensive to execute.
peak
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September 08, 2011, 03:03:31 AM
 #3

you can just make a little change on the rule for generating new accounst to achieve your idea: choose a specified string and make a dural encryption on the string, let it be your secret key, generate a public key for it as your btc account, then you only need to remember your specified string and do not need to keep any wallet.

while the bad thing for this method is that even others are not able to decrypt your account. It might be easy for them to guess your string, because your string should be simple enough to be memarized. if you want to make it safe from being guess out then it will be hard to remember even for yourself, so you need a note somewhere to write down the string, and that's your current wallet.
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September 08, 2011, 03:52:07 AM
 #4

Depending on how you look at it, Bitcoin already works like that. Your balance is stored in the block chain, and the only critical information in your wallet is the private key(s) necessary to use your balance.
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