Method and system for single purpose public keys for public ledgers
A method at a computing device in a public ledger cryptography system, the method including creating a purpose string, the purpose string defining transaction parameters for an account within the public ledger cryptography system; using the purpose string to create a private key and associated public key for an account within the public ledger cryptography system; and providing the purpose string for use in verification of a transaction from the account within the public ledger cryptography system.
1 . A method performed by a first computing device in a public ledger cryptography system, the method comprising:
executing, by a processor of the first computing device, instruction code that causes the first computing device to create a purpose string message, the purpose string message containing transaction parameters that limit a transaction associated with funds of an account holder in an account within the public ledger cryptography system;
using, by the processor, the purpose string message to generate a pair of keys, the pair of keys including a private key and a public key, wherein the public key is uniquely bound to the purpose string message;
storing, by the processor, the private key and the public key in a memory of the first computing device;
receiving, by a communications subsystem of the first computing device, a request for the purpose string message from a second computing device in the public ledger cryptography system so that a recipient of the transaction associated with the funds of the account holder in the account can verify the transaction; and
in response to the request for the purpose string message, verifying the transaction by sending, by the processor, the purpose string message to the second computing device for proof of generation verification of the public key during the transaction, wherein the proof of generation verification of the public key comprises a verification that the public key is generated by using the purpose string message.
2 . The method of claim 1 , wherein the purpose string message defines at least one parameter selected from: a transaction value limit; a transaction frequency limit; a transaction geography limit; a transaction time period limit; a transaction location limit; a limit on a location of an account holder of the account relative to the recipient during the transaction; or a limit on goods or services permitted in the transaction.
3 . The method of claim 1 , wherein the purpose string message provides an identifier for an account holder of the account.
4 . The method of claim 3 , wherein the identifier is biometric data including an image of the account holder.
5 . The method of claim 3 , wherein the identifier is a name of the account holder.
6 . The method of claim 3 , wherein the identifier is an image of a document for the account holder.
7 . The method of claim 1 , wherein the purpose string message is sent to the second computing device based on account creation with a network element.
8 . The method of claim 7 , wherein the network element is associated with the public ledger cryptography system.
9 . A first computing device in a public ledger cryptography system, the first computing device comprising:
a processor;
a memory; and
a communications subsystem operably coupled to the memory,
wherein the first computing device is configured to:
execute, by the processor of the first computing device, instruction code that causes the first computing device to create a purpose string message containing transaction parameters that limit a transaction associated with funds of an account holder in an account within the public ledger cryptography system;
use the purpose string message to generate a pair of keys, the pair of keys including a private key and a public key, wherein the public key is uniquely bound to the purpose string message;
store, in the memory, the private key and the public key;
receive, via the communication subsystem, a request for the purpose string message from a second computing device in the public ledger cryptography system so that a recipient of the transaction associated with the funds of the account holder in the account can verify the transaction; and
in response to the request for the purpose string message, verify the transaction by sending, via the communication subsystem, the purpose string message to the second computing device for proof of generation verification of the public key during the transaction, wherein the proof of generation verification of the public key comprises a verification that the public key is generated by using the purpose string message.
10 . The first computing device of claim 9 , wherein the purpose string message defines at least one parameter selected from: a transaction value limit; a transaction frequency limit; a transaction geography limit; a transaction time period limit; a transaction location limit; a limit on a location of an account holder of the account relative to the recipient during the transaction; or a limit on goods or services permitted in the transaction.
11 . The first computing device of claim 9 , wherein the purpose string message provides an identifier for an account holder of the account.
12 . The first computing device of claim 11 , wherein the identifier is biometric data including an image of the account holder.
13 . The first computing device of claim 11 , wherein the identifier is a name of the account holder.
14 . The first computing device of claim 11 , wherein the identifier is an image of a document for the account holder.
15 . The first computing device of claim 9 , wherein the first computing device is configured to send the purpose string message to the second computing device based on account creation with a network element.
16 . The first computing device of claim 15 , wherein the network element is associated with the public ledger cryptography system.
17 . A non-transitory computer readable medium for storing instruction code which, when executed by a processor of a first computing device in a public ledger cryptography system, causes the first computing device to:
create a purpose string message containing transaction parameters that limit a transaction associated with funds of an account holder in an account within the public ledger cryptography system;
use the purpose string message to generate a pair of keys, the pair of keys including a private key and a public key, wherein the public key is uniquely bound to the purpose string message;
receive a request for the purpose string message from a second computing device in the public ledger cryptography system so that a recipient of the transaction associated with the funds of the account holder in the account can verify the transaction; and
in response to the request for the purpose string message, verify the transaction by sending the purpose string message to the second computing device for proof of generation verification of the public key during the transaction, wherein the proof of generation verification of the public key comprises a verification that the public key is generated by using the purpose string message.
18 . The non-transitory computer readable medium of claim 17 , wherein the purpose string message defines at least one parameter selected from: a transaction value limit; a transaction frequency limit; a transaction geography limit; a transaction time period limit; a transaction location limit; a limit on a location of an account holder of the account relative to the recipient during the transaction; or a limit on goods or services permitted in the transaction.
19 . The first computing device of claim 9 , further comprising a digital wallet associated with a public ledger cryptocurrency.
20 . The first computing device of claim 19 , wherein the digital wallet is configured to store the private key.