Re: [Bitcoin-development] [RFC] Proposal: Base58 encoded HD Wallet root key with optional encryption

[Jean-Paul Kogelman <jeanpaulkogelman@me.com>]

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On Mar 12, 2014, at 6:11 AM, Pavol Rusnak <stick@gk2.sk> wrote:

> On 03/12/2014 04:17 AM, Jean-Paul Kogelman wrote:
>> We've been hard at work updating the spec to include features that were requested. We've removed the Scrypt dependency that was present in the initial drafts, added new KDFs, added plausible deniability and have a reference implementation.
> 
> Are you aware of BIP-0039?
> 
> https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki
> 
> 

Yes I am. There are some differences between BIP 39 and my proposal though. 

- BIP 39 offers an easy list of words, no gnarly string of case sensitive letters and numbers.
- BIP 39 only offers one fixed length of entropy, always 12 words, no option to increase or decrease the length.
- BIP 39 doesn't have a genesis date field, so no optimization during blockchain rescan.
- BIP 39 doesn't have password typo detection. No easy way to recover a password if you know most of it.
- BIP 39 does not have a user selectable KDF, only 2048 round PBKDF2-HMAC-SHA512. 
- BIP 39 can't outsource the KDF computation to a 3rd party.
- BIP 39 wallet implementors can use their own word lists, breaking cross wallet compatibility.


jp

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