bitcoin hd wallet technologies part 1
TRANSCRIPT
@BLOCKTRAIL
Wallet TechnologiesPrivate Keys, HD Wallets & MultiSig
Ruben de Vries - CTO, BlockTrail@rubensayshi
2015 – the year of MultiSig and HD wallets
WIF: 5KW3g12hpQttWZxzKNkPmJUf54DaeUxXFsp7geC17ucZWHBnEZM
Private Key:100402822350638730077140100364632380311008641152049340601775951444488515499779
What is a Private Key?
- A really big number - between 1 and 2^256
115792089237316195423570985008687907852837564279074904382605163141518161494400
^---- ~ 11 with 77 0's 1000000000000
1000000000 One million -> 1000000
What is a Private Key?
- Private Key 1 - 1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm
- Private Key int(sha256('to be or not to be')) - 1J3m4nneGFppRjx6qv92qyz7EsMVdLfr8R
What is a Private Key?
- Randomly generated
- Considered safe / unique
How do we create a Private Key?
- To iterate over all of them: - at 1 trillion (1000.000.000) keys / sec
- more than the age of the universe needed - cost: ~ 32 years of the sun total energy output
Why is a Private Key safe / unique?
Private Key → Public Key → ScriptHash → Address
How do we get the address?
- “asymmetric cryptography” - “elliptic curve”
- Private Key → Public Key is 'easy' - Public Key → Private Key is 'impossible'
Private Key → Public Key
EC secp256k1
“Easy to compute, hard to reverse”
“Easy to compute, hard to reverse”
Magic Byte: 00ScriptHash:38831f7d12670c137bf2c6ec0956376e5e141683 Checksum: e88e9d67
base58(00 ~ 38831f7d12670c137bf2c6ec0956376e5e141683 ~ e88e9d67)
Address: 169ovL3nmvTbuNQTc2hipHi8wQiq3EvUk6
Public Key → ScriptHash → Address
Ruben de Vries - CTO, BlockTrail@rubensayshi
2015 – the year of MultiSig and HD wallets