For a while now I have been messing around with a custom protocol for a pure P2P encrypted file transfer tool which uses password-based authentication, and was finally able to compile the bits and pieces I developed over a couple of months.
Could this work as a PAKE alternative? What are some security implications that I might have missed since I pretty much have tunnel vision right now.
Any criticism and scrutiny is welcome, I would love to know if this scheme actually has potential.