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Produced by Lao Niu | Vernacular Blockchain
For wallets that store blockchain assets, especially newcomers, they should clearly understand proper nouns such as address, public key, password, private key, mnemonic phrase, keystore, etc. If these concepts are not understood, it is likely to cause blocks Loss of chain assets.
Today, we will explain these concepts that people can see in the mist at once.
01
public key = bank account, address = bank card number
In order to facilitate understanding, we still adopt " How safe is Bitcoin? "The analogy: " Public Key" is like your bank account , and "Address" is like your bank card number.
Take the Ethereum wallet as an example. After creating an Ethereum wallet, a string starting with "0x" will be generated. This string is the wallet "address".
The "address" of the wallet is calculated from the "public key", just like a bank opens an account for you first, and then gives you a bank card number.
The main purpose of the wallet "address" is to receive money, and of course it can also be used as a proof of transfer, just like when someone sends you money to you, you need to tell them your bank card number.
02
password = bank card password
When creating a wallet, you need to set a "password" yourself, usually this "password" requires no less than 8 characters. For security, it is better to set a more complicated "password".
There are two uses for this "password". One is that you need to enter a "password" when transferring money , which is similar to the password you need to enter when you use a bank card to transfer money to others; the other is that you must enter this "password" when importing a wallet with Keystore.
This "password" can be modified or reset. After entering the original "password", you can directly modify the "password"; but if the original "password" is forgotten, you can use the " private key " or " mnemonic phrase " to import the wallet and set a new "password" at the same time .
In the real world, a bank card corresponds to only one password. After the password is changed, the original password becomes invalid. But in blockchain wallets, a wallet can use different "passwords" on different mobile phones, which are independent of each other and do not affect each other.
03
Private key = bank card number + bank card password
After creating the wallet, enter the "password" to export the "private key". This "private key" is a string of 64 characters. Of course, some wallets use different encodings and may have fewer characters. A wallet "address" has only one private key and cannot be modified.
Just enter the "private key" and set a "password" (without entering the original "password"), you can enter the wallet and have control of the wallet, and you can transfer the coins in the wallet.
Therefore, the private key is equivalent to "bank card number + bank card password", which is very important and must be kept properly.
04
mnemonic = private key = bank card number + bank card password
As mentioned earlier, the "private key" consists of a 64-bit string, so it is very easy to make mistakes, so the "mnemonic phrase" appeared.
"Mnemonic", as the name suggests, is to help you record and remember. The "mnemonic phrase" consists of 12 words with a space between each word. Like the "private key", a wallet has only one set of "mnemonic phrase" and cannot be modified.
"Mnemonic phrase" and "private key" have the same function: as long as you enter the "mnemonic phrase" and set a "password" (without entering the original "password"), you can enter the wallet and have control over the wallet, You can transfer the coins in the wallet.
The "mnemonic phrase" can only be backed up once. After the backup, it will no longer be displayed in the wallet. Therefore, be sure to copy it down when backing up.
05
Keystore+password=private key
There is a function to back up the "Keystore" in the wallet. Select the backup "Keystore" and enter the "Password". A large code will appear. This is the "Keystore".
When importing the wallet, just enter the "Keystore" and "Password" to enter the wallet. This is different from importing a wallet with a "private key" or "mnemonic phrase". The latter two do not need to know the original "password", but directly reset the "password".
"Keystore" can be understood as the encrypted "private key", which is related to the wallet's "password". After the wallet's "password" is modified, the "Keystore" will also change accordingly.
It is important to note that when importing the wallet with the "Keystore", you need to enter the "password". This "password" is the wallet "password" when the "Keystore" is backed up, and has nothing to do with whether the "password" is modified later.
06
Conclusion
In the real world, if your bank card is lost and the password is forgotten, you can go to the bank to help you retrieve it. Your money is still your money and cannot be lost. This is the advantage of centralization.
But in the blockchain world, if the wallet information is lost, no one can help you retrieve it. Therefore, as long as you protect your wallet information, the property in the wallet belongs to you and nobody can take it away. This is the advantage of decentralization.
Reading today's article, if the following 7 kinds of leaks occur, do you know which kinds of situations do not matter, and which kinds of situations will the coins be stolen? Welcome to leave your answer at the end of the article.
1. "Address" is leaked;
2. "Password" is leaked;
3. "Address" + "Password" is leaked;
4. "Keystore" is leaked, and "Password" is not leaked;
5. "Keystore" and "Password " are leaked "All leaked;
6. "Private key" leaked;
7. "Mnemonic phrase" leaked.
This article is a reissue of an old article with slight adjustments to the
original link: The centralized trading platform is constantly thundering, several knowledge points you must know before withdrawing coins
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"Sound Description: This series is only for entry-block chain science learning, does not constitute any investment advice or recommendations. If there are any errors or omissions, please leave a message to point out. 』
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