AMA with ADA Leader Charles Hoskinson Shares Human-Readable Addresses Insight
Charles Hoskinson’s Stance on Human-Readable Addresses
In an unexpected Ask Me Anything (AMA) session, Charles Hoskinson, the founder of Cardano and a co-founder of the Ethereum blockchain, talked about and revealed that his company is working on human-readable addresses. Charles said that the concept of human-readable addresses is exciting, adding that it is equally easy to establish as users can create namespaces and accounts.
Additionally, Charles Hoskinson disclosed that they are contemplating on developing wallets that are accessible to a ‘society of friends.’ This would enable users to become friends with other users, allowing them to sign their wallet address and vice versa. After the completion of this step, users can pay the other users in a fairly simple manner. In this regard, he compared the service to a web of trusts that facilitates payments to other users and can be managed either through the wallet or using the blockchain.
The integration of the metadata mentioned above is the most integral part of creating human-readable addresses. Once this is done, other factors such as privacy, KYC and AML requirements, will be taken into consideration. Primarily, these measures will be emphasized for securities that are built on non-fungible assets such as the ERC71 protocol.
An alternative method of creating human-readable addresses, according to Charles, is representing keywords as addresses. However, this method has its shortcomings, as users are required to use many words to replicate the level of entropy of a typical address. This implies that the address will have words ranging from anywhere between 30 and 50 words. Concerning this, Hoskinson acknowledged that it is challenging for the human brain to memorize such long addresses and hoped that developers will find a way to simplify this mechanism.
Nevertheless, Charles believes that the most ideal means of creating human-readable addresses is an account-based friend system which can accommodate a family of address and a sequential index HD wallet, thereby shortening the addresses. Hoskinson added that as his team abandons random wallets for the sequential HD wallets with Icarus, thy will backport it to Daedalus, since it is significant to the team. After this, users will be able to send funds easily to Coinbase and other similar platforms and verify the transaction either by sending along with the other user or with the assistance of the root of trust. He concluded by stating that the root of trust can be integrated to protocols to give users certainty during transactions.