Regulation could reshape crypto exchanges within two years ...

Proposed BIP extension to BIP 0070 | Justin Newton | Mar 01 2016

Justin Newton on Mar 01 2016:
The following draft BIP proposes an update to the Payment Protocol.
Motivation:
The motivation for defining this extension to the BIP70 Payment Protocol is
to allow 2 parties to exchange payment information in a permissioned and
encrypted way such that wallet address communication can become a more
automated process. Additionally, this extension allows for the requestor of
a PaymentRequest to supply a certificate and signature in order to
facilitate identification for address release. This also allows
for automated creation of off blockchain transaction logs that are human
readable, containing who you transacted with, in addition to the
information that it contains today.
The motivation for this extension to BIP70 is threefold:
  1. Ensure that the payment details can only be seen by the participants in
the transaction, and not by any third party.
  1. Enhance the Payment Protocol to allow for store and forward servers in
order to allow, for example, mobile wallets to sign and serve
Payment Requests.
  1. Allow a sender of funds the option of sharing their identity with the
receiver. This information could then be used to:
 * Make bitcoin logs more human readable * Give the user the ability to decide who to release payment 
details to
 * Allow an entity such as a political campaign to ensure donors 
match regulatory and legal requirements
 * Allow for an open standards based way for regulated financial 
entities to meet regulatory requirements
 * Automate the active exchange of payment addresses, so static 
addresses and BIP32 X-Pubs can be avoided to maintain privacy
and convenience
In short we wanted to make bitcoin more human, while at the same time
improving transaction privacy.
Full proposal here:
https://github.com/techguy613/bips/blob/mastebip-invoicerequest-extension.mediawiki
We look forward to your thoughts and feedback on this proposal!
Justin

Justin W. Newton
FoundeCEO
Netki, Inc.
justin at netki.com
+1.818.261.4248
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3 of the BEST Bitcoin Wallets

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