SHA-256 Algorithm – Encryption – BitcoinWiki

We need a standard for Bitcoin blockchain timestamps! Proposal Inside! Feedback please!

Dear Bitcoiners and Bitcoinerettes
I have recently found great interest in using the Bitcoin blockchain for secure and trustless timestamping. This interest was mainly raised as I would have loved to have proof of certain data I and others produced in the past. I am not in the situation to need the proof now, but It could have come in handy one day. I previously asked on reddit about advice regarding creation of an email plugin which would keep timestamps for all my emails. I imagined this plugin to timestamp based on certain filter criteria.
The reactions on reddit were quite negative: Too expensive, too much bloat, blockchain spam. At the time I was discouraged and let it slip away as it seemed unfeasible.
I started to study the current implementations and services and created this overview:
Bitcoin Blockchain Timestamping Overview
I have no affiliation with any of these and I have also not tried all of these services!
After studying these concepts which I found, I came to several conclusions:
I think we are in need of a standard which will be used more often. Only if we have a standard which lots of users follow, Bitcoin timestamps can be widely used and accepted. Just imagine a court case where someone claims to have such a timestamp. Technical experts will have to be called in to state that this is in fact as close to proof as it gets that the timestamp was in fact made prior to date X. Now if everyone does it differently, everyone will have to pay for their own experts and it will take much longer until these timestamps are accepted plus it will overall be more expensive to get them accepted, if there are several predominant types. If we follow a standard these timestamps could get a certain credibility amongst non-technical people and would be accepted much faster.
So what would be ideal requirements for such a standard?
From these requirements I figured the following concept would be best:
To verify A timestamp one needs the following:
Actually it was sipa who pointed me to ChronoBit (in the list linked above) and making use of of Merkle trees to reduce bloat. My proposal as pointed out above derives from the concept of CronoBit in that it still creates a transaction. However, it borrows the concept of the hash tree from CronoBit and I guess from Bitcoin itself too ;-)
While ChronoBit is fully p2p and decentralized it bears the problem that you either need to be mining on p2p-pool yourself, or rely on others to be mining for you. The timestamps are somewhat limited to blocks found by p2p-pool. It is elegant as you have a direct connection to the block hash and no additional transactions are needed.
I am look at using a one Satoshi transaction for x timestamps is like forging a little unspendable colored coin which serves as anchor point for many timestamp participants.
A single stamper (private or service) can literally create thousands of timestamps in a daily transaction. The client must store a little bit more data compared to single timestamp models. That is not an awful lot of data even for thousands of documents; e.g. 1500 digits proof per document (including some identifiers) would suffice to join forces and have 250’000 timestamps in one transaction.
I guess the standard needs to be as flexible as possible. The format must be similar to PGP signatures or so. Something like: {document’s hash; transaction hash, Merkle tree branch depth, Merkle tree branch hashes, claimed blocktime of verified block}
I like the concept because it would enable a fully dynamic level of self crated Merkle tree and service created Merkle tree. Can either be done on top of own full Bitcoin node, or with a service. If a service is used the hash tree can still be continued. The service can do nothing but fool you for some minutes. There are no privacy issues as only hashes are sent in the first place. After the service created and sent the proof, it can vanish without the timestamp being lost for the user; 3rd party trust will not be a critical thing for most users.
I also want to discuss the way the address is created in my proposal above. Some current implementations create a private key first and then derive the address from it. This makes the transacted Satoshi potentially prunable. Someone could spend it with the private key which is commonly known. I want that Satoshi stuck forever.
With this scheme I think it would be feasible to timestamp as many emails and documents as I want without having huge costs and the bloat is somewhat justifiable...
After your valued feedback I would like to try to put together a paper and some kind of demo implementation.
Best regards and thanks for reading.
SimonBelmond
Things which are not entirely clear to me:
submitted by SimonBelmond to Bitcoin [link] [comments]

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