Why couldn't Public keys replace Passwords on the Internet?

From: Dave (galt_57@hotmail.com)
Date: 01/24/03 

From: galt_57@hotmail.com (Dave)
Date: 24 Jan 2003 06:30:50 -0800

What if you just used a challenge and response system to replace
passwords? The browser could hold the users password which would
generate his private key. Websites would be allowed to challenge with
a date-time-magic-cookie-root-web-address using your public key. Your
browser would then prompt you to see if it should respond to prove
your identity.
 
Advantage: you would just log into your browser. Only one password to
remember. Also no passwords would be passed across the internet. The
root-address check would eliminate fake webpaages and the date-time
field would obsolete any visible data.

Dave

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