Netki Wants to Replace Bitcoin Addresses with Wallet Names

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.
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:
We look forward to your thoughts and feedback on this proposal!

Justin W. Newton
Netki, Inc.
justin at
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“Our solution meets global regulatory requirements today, without requiring the regulator to change,” Netki CEO Justin Newton told Bitcoin Magazine. Founded in 2014, Netki believes that it has devised an answer to this question with its TransactID solution, which was also cited by PwC in its Trusted Bitcoin Ecosystem trial. Justin Newton. Share. Tweet. Biography. Featured on Episode #39. Justin is an early Internet pioneer and startup veteran. As CEO of NetKi, Justin has been building Netki’s Wallet Name Service, which allows users to link multiple wallet addresses via an easy to share Wallet Name. Justin is focused on creating solutions to foster the mass Netki CEO Justin Newton explains, "Our Wallet Name Service makes digital currency as easy as cash. Your Wallet Name is simple, intuitive, and memorable. Your Wallet Name is simple, intuitive, and Netki was founded by Justin Newton and wife Dawn Newton in July 2014. The following year, the duo launched a product called Wallet Name Service, which allows people to send bitcoin to human Newton explained that the integration of Payment Requests will allow users to see a green lock next to an address in the “To” field of a Bitcoin wallet. That lock helps users confirm that they’re sending bitcoin to the correct individual, organization, or company.

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