Cryptocurrencies

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how bitcoin address is generated

To generate a Bitcoin address, a random private key is generated, and the public key is derived from it using elliptic curve multiplication.

Oct 01, 2024 at 09:00 pm

How Bitcoin Addresses Are Generated

Generate a random private key.
A random number between 1 and 2^256 is generated, represented in hexadecimal. This value is kept secret and should never be shared.
Derive the public key from the private key.
The public key is generated by multiplying the private key by the generator point on the elliptic curve used by Bitcoin. The resulting value is another point on the elliptic curve, represented in compressed or uncompressed hexadecimal format.
Hash the public key to get the ripemd160 hash
The ripemd160 algorithm is applied to the DER encoded public key to create a shorter hash. Typically represented in a Hexadecimal format.
Add a version byte to the ripemd160 hash.
A version byte is added to the beginning of the ripemd160 hash to indicate which version of the Bitcoin network the address is associated with. Common versions include 0x00 for mainnet and 0x6f for testnet. The version byte is typically represented in hexadecimal.
Hash the result with sha256 twice.
The result of step 4 is hashed twice with sha256 algorithm. The resultant hash is represented in hexadecimal.
Take the first 4 bytes of the double sha256 hash.
The first 4 bytes of the double sha256 hash are taken to form a checksum. The checksum is typically represented in hexadecimal.
Append the checksum to the result of step 4.
The checksum is appended to the end of the result of step 4 to create the complete Bitcoin address. The Bitcoin address is typically represented in a specific format, such as 1234567890ABCDEF1234567890ABCDEF.

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