As we know memory wallets more specifically Brainwallet 1.0 is a failed technology. I want to know how secure is this wallet system? It uses blockchain transaction hash and passphrase to calcualte entropy from which you can generate your private keys/mnemonic codes. As claimed by the creator of the wallet this can be super easy to memorize the few data precisely saying 4 numbers/words rather than 12 mnemonic phrases. Additionally the user can train himself visually until he memorizes.

  • A problem with your scheme is that you cannot generate the seed offline (unless you have the hashes of every blockchain). The seed is sha256(txhash + salt) but using a transaction hash doesn't add much entropy, for example Ethereum has less than 2^32 transactions so at most it will add 4 bytes of entropy to the seed, so most entropy has to come from the salt. – Ismael Jun 3 at 2:51

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