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What is PayNyms?

PayNyms are a privacy-focused feature of Bitcoin wallets, primarily implemented by Samourai Wallet, based on the BIP-47 (Reusable Payment Codes for Hierarchical Deterministic Wallets) standard. They allow users to create a unique, publicly shareable identifier (a "payment code" starting with "PM8T") derived from their wallet seed, represented by a memorable name and avatar (e.g., a "Pepehash" or "PayNym Bot").

With PayNyms, users can send and receive Bitcoin securely without reusing addresses, enhancing privacy by generating a new, unique Bitcoin address for each transaction. This prevents the exposure of a user’s balance or transaction history, unlike static Bitcoin addresses. PayNyms are controlled client-side, meaning only the private key owner can manage them, and they don’t rely on intermediaries.

To use a PayNym in a compatible wallet like Samourai, Sparrow, or Stack Wallet, users claim a PayNym, share its name or code, and receive payments to fresh addresses automatically. This system supports private, recurring payments and can be used for contact lists or even as an identity layer for services

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Discussion

Brad Keeling 7mo ago

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