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Main => General Discussion => Topic started by: bytemaster on December 17, 2013, 05:03:47 am

Title: VanityDAC - Generate Vanity Addresses
Post by: bytemaster 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).



Title: Re: VanityDAC - Generate Vanity Addresses
Post by: arubi on December 17, 2013, 09:09:20 am
I like this idea.

Will this work other coins' vanity pools?
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: yago 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?
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: arubi 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 (https://bitcointalk.org/index.php?topic=25804.0)
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: yago 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 (https://bitcointalk.org/index.php?topic=25804.0)
Cool, thank you!
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: bytemaster 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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Title: Re: VanityDAC - Generate Vanity Addresses
Post by: arubi 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?
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: bytemaster 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.
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: arubi 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.
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: phoenix 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.
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: evisu1 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)
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: bytemaster on December 19, 2013, 09:49:27 pm
 Not enough computers in the world


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Title: Re: VanityDAC - Generate Vanity Addresses
Post by: phoenix 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...
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: pgbit on December 20, 2013, 12:26:56 am
Great idea for a DAC. Multicurrency would be good. Look forward to hearing more...
Title: Re: VanityDAC - Generate Vanity Addresses
Post by: earthbound 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 :(