The Paymail protocol allows users to transact on Bitcoin SV (BSV) using an address similar to an email address, rather than long-form Bitcoin addresses. But far beyond just being a more user-friendly way of sending and receiving Bitcoin, Paymail holds the key to solving the identity problem on blockchain, by improving authenticity and allowing defined ownership on-chain.
In October, Ryan X. Charles, founder and CEO of Money Button, set out the details of the latest innovations in the identity protocol at the CoinGeek Conference in Seoul.
In a presentation that began by looking at Facebook and its well-documented issues around user privacy, Charles outlined four extensions to the BSV-powered protocol designed to make it easier to send funds to an individual using a unique name similar to an email address, in place of long Bitcoin addresses.
According to Charles, Paymail has been designed to be extensible. The protocol was developed not to solve every identity and authentication issues in the first instance, but to provide the rails on which specific extensions could be developed in the future to address particular use cases.
Now, in a new video on Paymail, Charles explained why Paymail is the way it is, why it is the best solution to identity problems, and how it can be extended in future to solve all imagined identity problems, providing what he calls a “complete solution” to authenticity and identity on the blockchain.
In the video Charles says there is very little authenticity when sending Bitcoin to a Paymail address. Users exchange Paymail addresses, and the rest is in the hands of the service provider. Parties need to trust the service provider behind the Paymail address,