Accounts
NOIZ implements a brain wallet as part of its design: all accounts are stored on the network, with private keys for each possible account address directly derived from each accounts passphrase using a combination of SHA256 and Curve25519 operations.
Each account is represented by a 64-bit number, and this number is expressed as an account address using a Reed-Solomon error-correcting notation that allows for detection of up to four errors in an account address, or correction of up to two errors. This practically eliminates the risk that a typo in account address would result in lose of funds. Account addresses are always prefaced by an BEAM- prefix, making NOIZ account addresses easily recognizable and distinguishable from address formats used by other blockchains.
The Reed-Solomon-encoded account address associated with a secret passphrase is generated as follows:
The secret passphrase is hashed with SHA256 to derive the accounts private key.
The private key is encrypted with Curve25519 to derive the accounts public key.
The public key is hashed with SHA256 to derive the account ID.
The first 64 bits of the account ID are the visible account number.
Reed-Solomon encoding of the visible account number, prefixed with BEAM-, generates the account address.
When an account is accessed by a secret passphrase for the very first time, it is not secured by a public key. When the first outgoing transaction from an account is made, the 256-bit public key derived from the passphrase is stored on the blockchain, and this secures the account. The address space for public keys (2^256) is larger than the address space for account numbers (2^64), so there is no one-to-one mapping of passphrases to account numbers and collisions are possible. These collisions are detected and prevented in the following way: once a specific passphrase is used to access an account, and that account is secured by a 256-bit public key, no other public-private key pair is permitted to access that account number.
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