A private key is similar to a PIN, a secret message that authenticates a transaction, and a mnemonic phrase, also known as a recovery phrase or seed phrase, is a list of words that stores all the information needed to recover a cryptocurrency wallet. It is an important part of cryptocurrency security and can be considered the "master key" to your wallet.
Cryptocurrency wallet is a special software used to store private keys and Send and receive cryptocurrency. We can think of it as a bank account for cryptocurrencies. These wallets are mainly divided into two types: software wallets (online wallets, desktop wallets, mobile wallets) and hardware wallets. Online wallets are cloud-based and can be accessed from any device, while desktop and mobile wallets are downloaded to a specific device. Hardware wallets, on the other hand, store the user’s private keys on a physical device, often looking like a portable U shield.
These wallets operate based on public and private keys. The public key is similar to a bank account number and is used to receive funds; the private key is similar to a PIN code and is the secret information to verify the transaction. Keeping your private keys safe is crucial, as leaking them can result in the loss of your cryptocurrency.
Generally speaking, the encryption system includes: encryption and decryption algorithms, encryption keys, and decryption keys. The three are understood as the relationship between keys and locks: the key is the key in cryptography, and the lock is the encryption and decryption algorithm. In daily life, a common encryption method is "symmetric encryption", that is, the same key is used for encryption and decryption; The blockchain wallet uses "asymmetric encryption", that is, the encryption and decryption processes do not use the same key. Among the two keys, the core one is called the private key, which is kept by ourselves; the other one will be made public and is called the public key. The purpose of this is to protect the privacy of the content and prevent identity impersonation. Mnemonic phrases, keystores and passwords are auxiliary tools to facilitate users’ memory and further ensure security.
Next, let’s take a closer look at the 5 key concepts in the above content. These concepts are closely related to every user in the process of using blockchain wallets.
The public key is equivalent to your bank card number and is also a transfer address, so the public key can be made public.
The private key is composed of numbers and uppercase and lowercase letters. The length of the private key in different blockchains is generally different. The public key can be derived from the private key. It should be noted that once your private key is lost or forgotten, it cannot be retrieved, so be sure to keep it properly.
Since the private key is inconvenient to remember, the mnemonic word appeared. The mnemonic word is just another form of presentation of the private key. It generally consists of 12 or 24 English words. For the convenience of domestic users, Chinese character version mnemonics are also provided. As long as you remember these words and enter them in the wallet in order, you can restore the wallet and perform any operation.
The essence of Keystore is an encrypted private key. Keystore must be used in conjunction with your wallet password to be effective. Keystore, private key, and mnemonic phrase are common to all wallets. Wallet service providers may only provide users with one or more of these methods due to product design reasons. However, if the same method cannot be restored normally in a certain wallet, the wallet service provider may There may be some problems with the wallet.
In order to further enhance security, most wallets will encrypt the private key twice by setting a "password". The encryption method and storage method of each wallet are different. This is why when you use a wallet to conduct transactions, you always need to authorize it. This actually involves a complex process such as the wallet using a password to decrypt the private key, and then using the private key to sign the transaction.
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