Just like we have BIPP38 encrypted keys for singular private keys, I was
wondering if it would be possible to come up with a way to encrypt an extended
private key using reversible encryption.
BIP38 was designed with physical coins in mind, and in particular covers the
cases for lot and sequence numbers in detail.
There is a case to be made that in an encrypted extended private key, the lot
and sequence numbers can be placed in the HD derivation path. In particular
they can be derived like this: m/lot'/sequence' and both of them use hardened
derivation.
The advantage would be that coinmakers would only have to generate one master
private key during manufacturing instead of a ton of private keys.
But this is not a very convincing advantage so I'd like to hear what is other
people's take on this.
-Ali
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