Accept mnemonic key phrase as input for private key

comit-network / comit-rs

Reference implementation of COMIT, an open protocol facilitating trustless cross-blockchain applications.

GNU General Public License v3.0

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Accept mnemonic key phrase as input for private key #185

Closed bonomat closed 5 years ago

bonomat commented 6 years ago

Summary For now we start the exchange (and trading) service with a private key (which will later on also be used as HD key to generate other keys). Instead of providing the private key directly, it would be nice to provide an mnemonic key phrase instead.

Task list:

Exchange needs to accept an mnemonic key phrase when starting
The mnemonic key phrase needs to be converted to a private key internally
No more individual addresses/keys should be passed to the configuration. Only one mnemonic key phrase for all currencies

see https://github.com/bitcoinjs/bip39

thomaseizinger commented 6 years ago

Here is a Rust implementation of BIP39: https://github.com/infincia/bip39-rs

bonomat commented 5 years ago

@D4nte: We should probably also look into shamir's secret sharing : https://en.wikipedia.org/wiki/Shamir%27s_Secret_Sharing

Apparently it is superior to only bip39 mnemonic phrases

D4nte commented 5 years ago

@bonomat I suggest a different story for Shamir's Secret Sharing. Are you aware of any implementation of such secret sharing method in blockchain/cryptocurrencies domain?

luckysori commented 5 years ago

Putting this on hold, since we no longer want to handle private keys or mnemonic key phrases from within Comit, but rather provide an external service much like comit_wallet

D4nte commented 5 years ago

Closed for now. To be review with "automated comit wallet" implementation