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The Ripple client has both a wallet name/passphrase and a secret key, and to the newbie it's not clear why there are two secrets. The client advises the user to write down the secret key and keep it safe so the funds can be recovered if the wallet is lost. If the funds can be recovered using just the secret key, then why does it have a wallet name/passphrase as well?
Is the wallet name/passphrase just for convenience (easy to remember)?
Why can't the wallet name/passphrase be changed?
Why not generate the secret key from the wallet name/passphrase so that the user has only one secret to keep safe?
If I know your wallet name/passphrase I can obtain your secret key by logging in to the Ripple client. Is it not? So it has to be as secure as the secret key. Or am I missing something? – Manish – 2013-04-25T21:31:10.880
1@Manish: If you know my wallet name/passphrase yes. But if you had it on a list of a hundred billion possible name/passphrases, no. If you had the secret on a list of a hundred billion possible secrets, my account would be toast. – David Schwartz – 2013-04-25T21:38:00.187
So you're saying that it would be easier to brute-force the secret key if it were generated from the wallet name/passphrase? Because then you could do something like a dictionary attack? And that's why it's better to keep them separate? – Manish – 2013-04-25T22:05:47.407
1Yes, that's it. You can't brute force the wallet unless you have the wallet. There's nothing to stop you from trying to brute force the secret -- so it must be very secure. 38 bits is probably just barely enough for the passphrase (assuming someone doesn't have a copy of your wallet). 70 bits is probably just barely enough for the secret. – David Schwartz – 2013-04-25T22:14:17.997
I've tried to summarize in a separate answer; please correct if wrong. – Manish – 2013-04-25T22:24:05.143
Is it possible for a different Ripple client to implement another kind of wallet (like a Bitcoin wallet with multiple secret keys), or is that something incompatible with the way Ripple works? – Manish – 2013-04-25T22:25:17.130
1That's definitely possible. – David Schwartz – 2013-04-25T23:57:05.477