Does counterwallet hold your private keys?
What's up, party people? Chris DeRose here, Community Director of the Counterparty Foundation, and today we're trying something a little different. I'm here driving west bound on Sawgrass Expressway. It's one of our larger roads here in the state. It goes from east to west. I'm on my way to the Bitcoin Bowl. I'm really hyped.
Filming this is one of my friends from the South Florida community, and we decided to do a video. Let's do something a little different today. So the question that was post was this, "Does the counterwallet server hold your private keys?" This question was asked by David Madris, and David, hope this answers your question. So this is a common source of confusion. I've seen this thrown out there a couple times. It's not too hard an issue really to grasp, if you look for the source code and you spend some time on these things.
Certainly, when you log into Conterparty your using, I think, what is it, BIT38, I believe, the BIT38 key to log into the system, that key isn't transmitted to the server, it's merely stored in your user session there in your personal web browser, at which point the system then queries the server for various details related to your public key that corresponds with that. The Counterparty team or the counterwallet team can't actually retrieve your private key. If you lose it, you're stuck. So that's assuredly one indication that they don't keep it. But also the code is publicly available. So you can go through it, as well, and you can look at this process.
It's a feature that really I think started with the blockchain.info/wallet, and it very very closely resembles what they did on the blockchain.info/wallet. I'm sure that was the lead inspiration for that whole interface design. It's a smart system. It's something that I've been looking into more lately, as I've been developing the Clydeside Libraries.
I've been doing the Ruby Library with my time recently. That should be up soon. You can check that out on my giga profile, which is accessible on my website. There's a signing method you can see. If anybody wants to know where the line is just comment me and I'll tweet you back the citation, or you can see how that process works. It's good to understand if you're a developer.
It's important to understand if you're a Counterparty user. You should expect that level of privacy in any crypto technology they use at this point. I think it's going to be a standard interface. It's certainly a good one. So that's it. I mean that's an easy question of today.
David, I hope that answered some of your confusions. If you liked what this video was about, subscribe to the channel. I'd love to have you around, and certainly tweet me with your questions on Twitter. I'm DeRosetech, or email me firstname.lastname@example.org.