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The last 20 bytes of that hash result is used to derive the public address, mostly prefixed with 0x, which implies its hexadecimal format. And don’t forget, they all stem from the same 256 bit private key.įor example, Ethereum addresses use the hashing algorithm of keccak256 and applied to the x and y coordinates of the public key. Now that we know how bitcoin addresses are encoded, let’s take a look at how other major crypto currencies encode their public addresses. This gives other crypto currencies its own uniqueness to its own network.Įxamples of slight differences in crypto addresses Other crypto currencies use a slightly different encoding method for generating their own network’s public addresses. Here is an example of a public address derivation from a public key for Bitcoin: Elliptic curve cryptography allows one to use their own pre-generated random private key, run it through the elliptic curve algorithm, in our case it is the secp256k1, and generate a completely random public key.įrom the public key, different hashing and encoding algorithms can be applied to create a public address, which is used for the depositing of crypto currencies. This curve was originally used by Bitcoin and has been adopted amongst many other crypto currencies out of familiarity, it’s time tested attractiveness, and considering that many early crypto currencies were just a mere fork of the Bitcoin code. The cryptographic private-public key generation scheme standard that is used amongst the crypto currencies supported on the Ballet wallet is the secp256k1 curve. This way, you only ever need to store one set of private keys. For simplicity, the Ballet wallet has made it so that the same exact 256 bits for a private key is used for all the crypto currencies that are supported on the Ballet Crypto App. Or they can be exactly the same set of 256 bits. But the 256 bits for a Bitcoin private key could be completely different from the 256 bits for a Litecoin private key. So essentially, the size of a Bitcoin private key or a Litecoin private key is the same: 256 bits. In this instance, bitcoin and litecoin can use the same exact private key as the other. The format can essentially be encoded in anything but as long as the private key is of the 256 bit size, or 32 bytes, then this can be used as a private key within a similar shared cryptographic private-public key generation scheme. Essentially, most major crypto currencies have a private key the size of 256 bits or 32 bytes, which is the same size as Bitcoin private keys. The reason why the Ballet wallet can support multiple crypto currencies is because of the shared commonality of the private and public keys amongst crypto currencies. The Ballet wallet currently supports over +100 crypto currencies which can all be found here.Ī first initial assumption is that every crypto currency has its own set of public addresses, public keys, and private keys, which is true, but there is actually a shared commonality amongst many of them that most people do not realize. Although there are a few bitcoin-only wallets (mostly used by the bitcoin maximalists of the industry), most wallets these days can support multiple crypto currencies.
#DOES BLOCKCHAIN WALLET SUPPORT LITECOIN SOFTWARE#
Whether it be a wallet on an exchange, a software wallet, or even a hard wallet. In general, a multi-cryptocurrency wallet allows you to hold different types of cryptocurrencies in your wallet device. And it is this that we will be explaining to you in this blog. But the first characteristic of the Ballet wallet being multi-currency is harder to conceive for more users.
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Just simply place a Ballet wallet in your hand to see for yourself. The latter two characteristics of non-electronic and physical are quite self explanatory and visible to understand.
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Ballet has always prided itself on being the world’s first multi-currency, non-electronic, physical crypto wallet.