Join 98,805 users already on read.cash

Renting addresses for an HD wallet

0 30 exc
Avatar for bauman2art
Written by   2
1 year ago
Topics: BCH

Problem

How to receive personalized transactions to one  BCH account?

The problem is that it's not clear how to get personalized tx from anonymous users without creating wallets for each user.

Yes, it’s complex if we have only one receiving address, but since we use BIP44 wallets, we could create a lot of key pairs that will be associated with this account (thanks to derivation paths).

Let's say we derive 100 addresses we could use them to get transactions. But what if we potentially want to get more than 100 personalized transactions?

In this case, we should assign these addresses in different ways.

Renting addresses solution

To get things done we could think about the probability of some situation during a limited period of time.  I’ll try to explain in case of a fundraising campaign 

We noticed that usually, sponsors are not making donations at the same time. Therefore, we could rent the receiving address for some period of time to make personalized transactions.

Example: Each time a user clicks “Donate” the website returns one address from the unassigned addresses list. After that address was assigned for 5 min. During this time user should make tx and leave his personal data (name and comment)

There is a diagram that explains how it could work:

I think if your campaign doesn't receive more than 100 donations during 5 minutes this should work.

There is one issue: In this approach is that someone could get a list of all addresses and try to spam them, and it should be avoided by asking for a donation amount from the user.

What if all receiving addresses are busy?

In that case, we could ask the Sponsor to wait 5 minutes or make anonymous donation.

This idea is not tested yet so if you found some mistakes please share your thoughts.

Thanks!

2
$ 0.40
$ 0.40 from @TheRandomRewarder
Avatar for bauman2art
Written by   2
1 year ago
Topics: BCH
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments