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Offline bytemaster

VanityDAC - Generate Vanity Addresses
« on: December 17, 2013, 05:03:47 AM »

The Vanity Address DAC mines blocks into existence by finding vanity names.
Names are processed on a highest Bid basis and the entire hash power of the network is directed toward finding Vanity addresses for users.
95% of all Fees are paid to miners and 5% are destroyed (to pay as dividends to shareholders).



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Offline arubi

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Re: VanityDAC - Generate Vanity Addresses
« Reply #1 on: December 17, 2013, 09:09:20 AM »
I like this idea.

Will this work other coins' vanity pools?
« Last Edit: December 17, 2013, 10:51:46 AM by arubi »

Offline yago

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Re: VanityDAC - Generate Vanity Addresses
« Reply #2 on: December 17, 2013, 01:21:26 PM »
If a miner generate the private key for a vanity address, how do you keep it private?

Miner pass it to the final user and who can assure that the miner doesnt keep a copy?
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Offline arubi

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Re: VanityDAC - Generate Vanity Addresses
« Reply #3 on: December 17, 2013, 03:59:14 PM »
If a miner generate the private key for a vanity address, how do you keep it private?

Miner pass it to the final user and who can assure that the miner doesnt keep a copy?

This problem has been solved. Take a look at 'vanitygen' for bitcoin and specifically the 'keyconv' program that comes with it.

This post on bitcointalk.org explains the process pretty well:

https://bitcointalk.org/index.php?topic=25804.0

Offline yago

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Re: VanityDAC - Generate Vanity Addresses
« Reply #4 on: December 17, 2013, 04:11:52 PM »
This problem has been solved. Take a look at 'vanitygen' for bitcoin and specifically the 'keyconv' program that comes with it.
This post on bitcointalk.org explains the process pretty well:
https://bitcointalk.org/index.php?topic=25804.0
Cool, thank you!
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Offline bytemaster

Re: VanityDAC - Generate Vanity Addresses
« Reply #5 on: December 17, 2013, 05:15:51 PM »
Not if you want massive hash power to find very long vanity names.


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Offline arubi

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Re: VanityDAC - Generate Vanity Addresses
« Reply #6 on: December 17, 2013, 10:50:19 PM »
Not if you want massive hash power to find very long vanity names.


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Wait, do you mean that there will be massive hash power to find long names, or there won't?

Offline bytemaster

Re: VanityDAC - Generate Vanity Addresses
« Reply #7 on: December 17, 2013, 11:23:25 PM »
Not if you want massive hash power to find very long vanity names.


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Wait, do you mean that there will be massive hash power to find long names, or there won't?

Imagine all the hash power that is 'securing' the network would go to finding your vanity address?   You could create addresses that have very few random bits and a lot of leading 0's.  It would be like a mining pool for vanity addresses.
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Offline arubi

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Re: VanityDAC - Generate Vanity Addresses
« Reply #8 on: December 17, 2013, 11:48:32 PM »
Not if you want massive hash power to find very long vanity names.


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Wait, do you mean that there will be massive hash power to find long names, or there won't?

Imagine all the hash power that is 'securing' the network would go to finding your vanity address?   You could create addresses that have very few random bits and a lot of leading 0's.  It would be like a mining pool for vanity addresses.

Well, this is exactly what I'm excited about.

Consider this bitcoin vanity address : 1abcdefghi***....
Solo-mining this address at about 18M keys/s has about a 50% chance for a hit in about 10 days

This address however : 1abcdefghij***...
Has a 50% chance for a hit in about 300 days.
A 10 characters address is not "very long" by any means

This address : 1abcdefghijk***...
Has a 50% chance for a hit in just about 24 years.

So suppose our network is what, 1000 times as strong? 10000 times? Creating addresses such as 1Encyclopedia would still take months if not years to generate.

Should miners participating in this DAC be prepared for years and years of mining?
Maybe it's not even such a bad deal, since difficulty does not change, and is just an outcome of the length of the address that's being mined?

A very interesting concept imo. I would very much like to hear more.

Offline phoenix

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Re: VanityDAC - Generate Vanity Addresses
« Reply #9 on: December 18, 2013, 12:30:32 AM »
This DAC should take into account the length of the address as well as the fee for mining the address, since it'll take so much longer to mine out an extra couple of characters that it might be more profitable to mine out shorter ones for a smaller fee.
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Offline evisu1

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Re: VanityDAC - Generate Vanity Addresses
« Reply #10 on: December 19, 2013, 09:39:45 PM »
So, how big would this DAC need to be in order to start cracking private keys within a reasonable time (someone was bound to ask this, i guess)

Offline bytemaster

Re: VanityDAC - Generate Vanity Addresses
« Reply #11 on: December 19, 2013, 09:49:27 PM »
 Not enough computers in the world


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Offline phoenix

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Re: VanityDAC - Generate Vanity Addresses
« Reply #12 on: December 19, 2013, 10:09:37 PM »
Not enough computers in the world


Until somebody figures out how to get general purpose quantum computers to work...
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
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Offline pgbit

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Re: VanityDAC - Generate Vanity Addresses
« Reply #13 on: December 20, 2013, 12:26:56 AM »
Great idea for a DAC. Multicurrency would be good. Look forward to hearing more...

Offline earthbound

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Re: VanityDAC - Generate Vanity Addresses
« Reply #14 on: January 04, 2014, 08:00:53 AM »
Not enough computers in the world


Until somebody figures out how to get general purpose quantum computers to work...

It would take more calculations than there are estimated atoms in the universe to crack an SHA256 key. There simply cannot be enough physical energy in the universe to do that.

It also cannot be done by quantum means. That is a common misconception. Quantum computers cannot and never will be able to crack SHA256 keys.

I mean to explain why to the Bitcoin foundation (but first I need to get clarification about it from some Doctors of math and physics whom I know) . . . that myth is perpetuated at bitcoin.org itself :(
I think I'm not alone when I say I'd like to see more and more planets fall under the ruthless dominion of our solar system. -Jack Handey

 

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