Decentralized applications (dApps) are applications that run on a P2P network of computers rather than a single computer. dApps, have existed since the advent of P2P networks.
They are a type of software program designed to exist on the Internet in a way that is not controlled by any single entity.
I propose the implementation of a secured Bitcoin wallet using BitcoinJ.
This proposal discusses the desktop version of the Bitcoin wallet for cryptocurrency exchange service.
First we have provided some details regarding BitcoinJ.
Next the estimated timeline for achieving the proposed system is mentioned.
We have also mentioned the possible future directions for this work.
BitcoinJ:
BitcoinJ (https://bitcoinj.github.io/) is an open source implementation of the Bitcoin wallet in Java.
Using it you can get a good featured Bitcoin wallet.
It is regularly updated on Github. As it is regularly updated therefore we can assume it more secure.
Some of the features of BitcoinJ can be listed as follows:
Address Creation
Sending Test or Real Bitcoins
Wallet Serialization & Restore
New public address generation after every transaction
Balance check
View transaction history
Simple Payment Verification (no need to completely download the blockchain)
In this proposal we propose using BitcoinJ for a desktop based wallet.
The wallet serialization mechanism for BitcoinJ can be modified and security features can be added to make it more secure.
The proposed security mechanisms involve implementing Shamir Secret Sharing Scheme and encryption.
In order to improve the security the parts of the secret (private key) can be stored in multiple drives of the user system.
Later on when some transaction need to be done then all the parts from different drives can be combined and ultimately transaction can be done.
