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Note: I have very little exposure to the crypto ecosystem. I either don't understand the specifics of the keying or it doesn't make sense. There's some kind o
by Youden 4y ago
Note: I have very little exposure to the crypto ecosystem.
I either don't understand the specifics of the keying or it doesn't make sense.
There's some kind of private key. Makes sense. But there appears to be some kind of second key. At some point the note will "expire" and only the person who owns the second key can redeem the Bitcoin?
If I understand right, either the person who physically holds the note can update the key (in which case what purpose does it serve) or the key needs to be transferred along with physical possession of the note (in which case what purpose does the product serve).
Also what does it mean for the note to be "cut"? Like with scissors?
Is this product just intended for hardcore crypto folks or is it intended for regular people too?
- ccamrobertson 4y ago> Also what does it mean for the note to be "cut"? Like with scissors? Yes, exactly. There is a spot indicated on the note to cut it. This "tampers" the associated chip which can be reported back to us so that we release the encryption key to decrypt the local key. > Is this product just intended for hardcore crypto folks or is it intended for regular people too? Regular people too! The UX of our app will simplify a big part of this by indicating to folks the state of a note and their options with respect to claiming Bitcoin.
- meltedcapacitor 4y agoCan one "glue it back" after "cutting" it, sell it to a mug, and double spend it before they notice?
- ccamrobertson 4y agoOnce the tamper circuit it tripped you cannot reverse it. But sure, one could try to carefully do this and pass off a note to someone who doesn't verify it electronically.
- kadoban 4y agoThere's no possibility for the end-user to read it themselves from the cut chip? That would be a deal-breaker for me.