Relationship between Bitcoin addresses and public keys: Understanding Ethereum
Bitcoin addresses are a critical part of the blockchain, which represents unique transactions between individuals or parties. However, some users may consider it confusing to understand how these addresses relate to public keys. In this article, we dive into the relationship between bitcoin addresses and the public keys for bitcoins and Ethereum blockchains.
Ethereum: Connection between addresses and public keys
Ethereum, a decentralized platform for creating intelligent contracts and decentralized applications (DAPPS), is represented by a unique address. These addresses are often referred to as “public keys”. However, the relationship between public keys and private keys is different from bitcoins.
There are two types of public keys in Ethereum: based on mnemonic and hexadecimal. The mnemony -based public key uses a mnemonic phrase to generate a private key that can be used to sign a blockchain transaction. This process involves the use of a series of words (or phrases) known only for an individual who generates Mnemonic to create a corresponding private key.
On the other hand, a public key based on hexadecimal is accidentally generated and is not related to any specific private key. These public keys are normally referred to as “seed addresses” or “address of reenrance”. They can be used for various purposes, for example, to receive payments from Ethereum users who have sent them funds using these addresses.
Bitcoin: Relationship between addresses and private keys
In Bitcoine, each address is a unique identifier that represents an individual’s balance on the blockchain. These addresses are generated using a unique combination of eight characters (“seed”) and two hexadecimal numbers (“Seed2”). This process creates a 256-bit private key for each public key.
For further illustrations:
- Bitcoin address with Semen ‘1234567890123456789012345678901234567890’ is equivalent to a 32-bech private key.
- The corresponding pair of hexadecimal numbers, Seed2, would be another 32-bech private key.
Key Roads
While Bitcoins and Ethereum use public keys to identify transactions on their blockchain, the relationship between addresses and private keys varies significantly:
- In Bitcoin, each address generates a unique 256-bit private key.
- In Ethereum, each transaction is represented by a unique public key based on the hexadecimal (seed address).
Conclusion
Understanding the relationship between bitcoin addresses and public keys can be complex due to the various approaches that every blockchain uses. This article has given an overview of how both Bitcoins and Ethereum can handle public keys, as well as their appropriate private key generation processes.
Since users familiar with one blockchain may be easier to understand the concepts on the other hand, it is necessary to appreciate the nuances in how they work together. By grasping these differences, you can better navigate in the complexity of digital wallets, transactions and management of private keys in multiple cryptomains.