diff --git a/bsip-1203.md b/bsip-1203.md
index 48a7bdb..9e3eac3 100644
--- a/bsip-1203.md
+++ b/bsip-1203.md
@@ -68,10 +68,10 @@ And in the second subsection, [_API requirements..._](#api-requirements-to-allow
 
 Assumptions:
 
-1. Wallet has access to a set of private keys corresponding to stealth addresses which may own commitments on the blockchain.  These private keys are needed to "recognize" incoming transactions.
-2. Wallet can query an API node for commitments occurring between specified block heights, to obtain a set to scan for owned commitment. ([See below](#api-requirements-to-allow-detection-of-inbound-commitments) for this process.)
+1. Wallet has access to a set of private keys corresponding to stealth addresses which may own commitments on the blockchain.  These private keys are needed to "recognize" incoming transactions.  If the wallet is a watch-only wallet for a particular address, then it is assumed to have the private ViewKey, but only the public SpendKey.
+2. Wallet can query an API node for commitments occurring between specified block heights, to obtain sets of embedded receipts to scan for owned commitments. ([See below](#api-requirements-to-allow-detection-of-inbound-commitments) for this process.)
 
-In what follows, we detail procedures for two different stealth address formats: one which encodes a single public key, and one which encodes two public keys. The two formats serve a similar purpose of allowing for unlinkable transactions, but the dual-key format allows for watch-only wallets, whereas the single-key format does not.  The single key format is borrowed from Confidential Transactions, whereas the dual-key format is borrowed from CryptoNote-based coins such as Monero.
+we detail procedures for stealth address formats which encode either a single public key, or two distinct public keys in which one key is the ViewKey and the other the SpendKey. The single-key format is already in use on the BitShares network and is borrowed from the original Confidential Transactions specification. The dual-key format allows for additional wallet features and is borrowed from CryptoNote-based coins such as Monero.  No changes to the network nodes are required for wallets to support dual-key address formats.  In fact, the single-key format can be thought of as a special case of the dual-key format in which the same key is used as the ViewKey and the SpendKey.
 
 **Address Formats:**