In the previous posts (see [1-4]) we had considered how to create generated on demand (GOD) private keys and offline wallets for ethereum and nano blockchains/distributed networks.
In this post we consider a simple way to generate easy recoverable bitcoin private/public keys and also an address on the bitcoin blockchain (offline GOD wallet). If you will lose your private key, you will be able to recover it by repeating the steps (1-3) of the procedure below. For better security, you should not save and store your private key in any place. You can generate it on demand when you need to make a transaction. Generated on demand (GOD) digital wallets can not be damaged, stolen, broken, hacked, lost, confiscated, etc. because they do not exists in the real world, except a short term interval when they are generated and used.
Step 1. Enter an easy memorable key and date into a dynamical passwords generator (DPG).
In the example below, it is used a public DPG (https://dynpass.online). For better security, you should use a private DPG or a combination of private DPGs (https://dynpass.xyz). (You use output from one DPG as input to other DPG).
In the example, the key is “John Lenon” and the date is his birth date.
Step 2. Generate dynamical passwords.
By clicking on the “Go” button, 20 dynamical passwords will be generated.
Step 3. Create a private key from 32 symbols in 20 dynamical passwords.
In this example we use 20 symbols from 19-th password and 12 symbols from 20-th password. You can use any combination of 32 symbols from 20 passwords (total 400 symbols in public DPGs and 4,000 symbols in private DPGs). No one will know what selections are, except you.
Step 4. Convert the private key in the form of a string to hexadecimal format.
We go to the URL: https://www.binaryhexconverter.com/ascii-text-to-hex-converter
and enter the private key in the form of a string of symbols into the left text field. When we click on the “Convert” button, the string will be converted to the hexadecimal format in the text field on the right side.
Step 5. Generate an address and a public key from the private key in hex format.
We go to the URL: https://www.rfctools.com/bitcoin-address-test-tool/ and enter the private key in hex format into the field “Private ECDSA key”. When we click on the button “calculate public key”,
public key (field 1) and an address (field 9) will be generated.
For real offline GOD wallets, for security reasons, this step must be performed offline!!!!! (See [1])
Step 6. Check if the address is correct.
To validate the bitcoin address we use the validator tool at the URL: https://www.rfctools.com/bitcoin-address-validator/. We enter the bitcoin address into the “address” field.
When we click on the “check” button, the message “The address is a valid bitcoin address” should appear, if the address is valid.
Step 7. Test if the bitcoin address is in use.
On the last step we should verify that the bitcoin address is not used by other people. We go to the URL: https://blockchain.com/search and enter the bitcoin address into the text field at the top.
When we click on the search button (on the right side of the field), a report will be generated for this bitcoin address.
As we can see there were no transactions on this bitcoin address.
The important advantage of this method is that you do not need to store your private key in any place (encrypted file, hardware wallet, safe box, etc), because you can generate it on demand when it needed (by 3 steps above). If your computer/smartphone/flash drive will be lost or stolen there are no risks that someone will find and recover your private key on the stolen devices. If you use private DPGs, your private key will be secure even if someone will learn about your input parameters, but will not know your private DPGs locations.
Let us consider a hypothetical example, in which you had participated in a protest, demonstration or meeting that government officials do not like. They give orders to “wallets” providers to reveal to them your private keys, so that they will be able to confiscate your cryptos. Even in the case when you do not keep your private keys in online wallets but in hardware wallets or safe boxes, they can send police to confiscate your hardware wallets or safe boxes, and recover your private keys. As you can see, your private keys can be confiscated if you store them in some places. The solution to this problem is to not store your private keys in any place, but generate them on demand when you need them to make transactions. Such generated on demand private keys (GOD_PKs), can not be confiscated, hacked, stolen, damaged, lost, broken, etc. because they do not exist in our physical world or any digital universe, except a short time interval when you generate them and make transactions. No one will be able to reconstruct your GOD_PKs, until she/he will learn:
a) where your private DPGs are;
b) what input parameters are;
c) which symbols you had selected from the DPGs outputs.
For those, who require to do a lot of crypto transactions, it may be not very convenient. The reasonable compromise is the following. Keep small amounts of your cryptos in online wallets with all their conveniences, but most of your cryptos keep in offline GOD wallets. If the online wallets will be hacked, your cryptos in the offline GOD wallets will be safe.
The second method is to keep all cryptos in offline wallets, but for doing transactions, import (see [4]) some offline wallets into online wallets. After transactions completed transfer all cryptos to offline wallets. In this case your cryptos in offline GOD wallets can not be accesses online by anyone.
In the next post we consider a simple solution to some problems of modern medicine. Part I: the conceptual problem.
References
[1] A simple way to create a generated on demand (GOD) offline nano wallet
[2] A simple way to generate easy recoverable Ethereum private/public keys and an address
[3] A simple solution to the private key loss conundrum
[4] A simple way to import an offline wallet into an online wallet.
