During a surprise AMA with bonus questions on Youtube, Charles Hoskinson, the Founder of Cardano and the co-Founder of Ethereum, spoke about human-readable addresses which the firm would be looking into.
Charles started speaking about the topic by claiming that it is an interesting concept. According to him, it is very easy to do human-readable addresses where users can create a namespace and users can create an account. He added:
“Let’s say a family of public keys generated for an HD wallet and they can say for that family sequential indexed HD wallet, I’m going to look up and say, that’s Charles’s address and I can register… you can have a first come first serve, but you still have to have some form of a root of trust behind that”
Charles explained that they have “toyed” with the “Society of Friends” with wallets. With this, a user can become friends with another person and sign their address on their wallet and vice versa. Once this step is completed, users can pay to the other person with just a few steps. He said:
“… its almost like a web of trust with PGP and then once you have that, you can just drop out and say pay to Bob and you have a nice look up there that can either be blockchain based or can be out of band, the wallet can manage that or you can manage it from the blockchain.”
This is a part of the metadata story behind the addresses and it is the most obvious way of creating human-readable addresses. After this, factors such as the KYC, privacy and AML will be taken into consideration, mainly for security tokens that are made on non-fungible assets like ERC71 standard. Charles stated that this would be something the team is going take into consideration.
The other way of creating a human-readable address, according to him, is where keywords can be represented as addresses. The key problem with this is that users will have a lot of words to replicate the same level of entropy as a normal address. This would mean that the address will have huge multi-words which would be approximately close to around 30 to 50.
“I wish math just worked that way where I can give you 10 keywords and that’s my public key and then you can remember words instead of numbers and its cognitively easier for people to do that.”
According to Charles, the best of creating a human-readable address is an account based friend system which can register a family of addresses, a sequential index HD wallet, making the addresses shorter.
He continued to say that as the team moves from random to sequential index HD wallets with Icarus, they will backport it into Daedalus, which is a priority for the team. This will be followed with users being able to send money easily to either Bitstamp or Coinbase or anyone and verify it by sending the money along with the other user or with the help of root of trust.
“… we have some sort of root of trust that we can overlay into protocols to do that or reputation system to give us some sort of certainty. And there’s plenty of projects that run around that, think about these things, like you port in others. So its a fun thing to do.”
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