A new Bitcoin wallet has been rolled out with the main goal to make crypto addresses easier to remember while broadening Bitcoin (BTC) adoption.
The new service is dubbed ‘Easypaysy’ and was officially launched on December 1st of this year. It was developed by Spanish developer Jose Femanias Canuelo.
Complex Nature of Bitcoin Addresses
Spanish developer Canuelo on the official introduction to Easypaysy openly described to Bitcoin’s user experience as “terrible.” Instead of typical accounts, Bitcoin funds are sent to a unique “transaction output” where the address cannot be reused. Reusing addresses in this manner would make it insignificant in linking different transactions and coins to the same user. From a privacy point of view, it’s a horrible trend. As a counter measure, Bitcoin users are encouraged to generate a new address for each receiving payment.
Canuelo was surprised by the present nature of Bitcoin addresses claiming that nobody should be forced to make or receive payments to a crypto-address. He added that navigating the world wide web just by using IP addresses was very unsafe for users during their transactions. The wallet service offers three user- friendly ‘accounts’ for users. Instead of using actual BTC addresses, the system uses cryptocurrency funds.
With the new service main aim being that no address is used more than once, cryptocurrency funds which have been sent are delivered to BTC addresses as in a regular transaction.
Benefits of Bitcoin ‘accounts’
One of the main benefits is non-reputability. With a fairly good account system, the payer can always provide a proof of payment to a specific account. All the information needed to identify the transaction can be cryptographically proven. Another benefit is that the system would make recurring payments much more feasible. A practical example is rent where a wallet could be programmed to accept payments from a specific account up to some maximum amount over a specified period of time.
With Bitcoin registering new users with every passing day and with significant number of Bitcoin users still relying on third parties to store funds, a major solution should be put on the cards to ensure control over current wallet insecurities. Users should be able to control their own private keys