Doing Away With the Wallet
Note: Purely in Discussion and Brainstorming stage
Anyone who has lost their wallet or lost the password or keys will know what a gut wrenching experience that can be, as we lose coins just from a simple mistake or total negligence.
If you have been in the middle of a PC format and while sitting and waiting, suddenly come to the realization that your 20 Bitcoin and wallet.dat file have not been backed up, then it will be one of the worst days of your life! (and this happens way to often)
Our Concept that is still in Brainstorming stage:
- Remove the wallet from the user completely
- Store wallets within the Blockchain itself
- Interface with a particular wallet as required via 3rd party applications
1: Remove the wallet from the user completely
Not having a wallet that can be lost will be the next evolution in Crypto Currency development as we see it, because adoption of a wallet requires some specifics, such as self preservation, hardware and some basic common sense.
Adoption in a total sense, means that people need to be reassured that they will not lose anything due to incompetence, lack of hardware, 3rd party attacks or any other self inflicted or malicious involvement
2. Store Wallets within the Blockchain itself
By moving a users wallet from their possession and making it a peer provided system, means that as long as the peer network is active, then so is the access to a wallet.
We envisage that maybe 2 separate but communicating Blockchains may be required to run simultaneously and this is why Brainstorming sessions are required.
- Wallets are accessed with a KEY thats generated by a login software that can reside on a users machine or on a public machine.
This KEY is encrypted and must match the Blockchain KEY to access a wallet on the blockchain with a matching encryption
- Once a Blockchain KEY is used to access the wallet on a Blockchain, it is then discarded and a new Blockchain KEY is issued within the Blockchain with instructions to the Login Software to use the New Key for the next transaction, while using the (to be discussed), user input method to access that new Blockchain KEY
- For users who need large volume transactions or Business, then that can be managed by corresponding Software to enable further functionality.
3. Interface with a particular wallet as required via 3rd party applications
- 3rd Party applications can be developed to do more intensive number crunching as needed, since the actual currency side of the Blockchain can remain simple
Funding for this project?
There will be no funding for this project at all, since we tried that and found that people who had their own personal beliefs that projects should never need funds and should work purely on dreams and unicorns
Instead, the project will be 100% voluntary with ZERO funds allocated to it.
Will It work?
We dont know as projects tend to be completed when a value is given to a person time and effort
But we are sure that there are a few out there that can look at our goal and will come on board to help!
We have some great people who are Rimbit users and also some that have followed Rimbit for many years and are more interested in the concept and taking it further and we hope to connect with those that want to expand on the Rimbit project and work on ways that we can bring these ideas from concept to reality.
Our goals have never changed and its just how we do it has become more difficult, but as our goal is for a "community coin", we will do our best to bypass those hurdles that have been put in our way and continue to do what we feel is the right way to enable currency trade without restriction on a Global Scale ... Cheers 🙂