Own your data. This was the main message of Ryan X. Charles, founder of Money Button, during Day 1 of the CoinGeek Seoul Conference.
Charles took the CoinGeek Seoul stage on Tuesday, and started his presentation with 3 short clips heavily featuring Facebook CEO Mark Zuckerberg and his company’s much-publicized issues with user privacy. The idea of big tech companies owning our data and using it to deliver ads is a problem—as recently attested by the scandal involving Facebook, Cambridge Analytica, and political advertising.
Charles has taken the necessary steps to solve this problem by announcing four new extensions to Paymail, an identity protocol for Bitcoin SV (BSV) that was launched at the CoinGeek Toronto Conference last May. Paymail substitutes long Bitcoin addresses for readable names, akin to email addresses.
The first extension is restoring the peer-to-peer transactions system that stays faithful to the Bitcoin whitepaper. Bitcoin was never meant to send transactions using long Bitcoin addresses. Users should be able to send a transaction directly to someone and have the recipient send it to miners to see if it is valid or not. This reduces the challenge of having to scan the entire blockchain to look for a transaction. It’s more scalable and user-friendly.
The second extension is being able to sign data inside a transaction: “Imagine you want to post an image on the blockchain and you want people to know who the author is, we’ll allow you to sign that data inside an OP_RETURN with your Paymail.
“All this happens with a single swipe so we’re adding a new API into the button that lets the developers specify what you’re signing. You can sign data inside a transaction,” Charles said.
The third extension is the capability to encrypt data on-chain and off-chain for yourself or others with a single swipe, and the fourth extension is Paymail avatars, which are user-friendly contact cards inside user wallets that eliminates the need for long Bitcoin addresses.
These four new extensions will be rolled out in the next few weeks with the idea of living in a new world with better monetization options, and the power to own all our data and protect our privacy.
“On-chain signatures and encryption are foundational elements of a new ‘Own Your Data’ paradigm for the Internet,” Charles added.
Catch the Day 2 livestream of the CoinGeek Seoul Conference here.
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