The function of wallet address is to conduct cryptocurrency transfers and payments on the blockchain network. The blockchain network is a distributed database system composed of multiple nodes, each node holds the same data record, called a block. Each block contains the hash value of the previous block, forming a chain structure. The blockchain network realizes the characteristics of decentralized storage, consensus verification, tamper resistance and traceability. When a user uses a wallet address to conduct a cryptocurrency transaction, the transaction information is broadcast to nodes throughout the network, verified by the consensus algorithm, packaged into a new block, and added to the end of the chain. This process ensures the security and reliability of transactions while avoiding the control of centralized institutions and preventing the risk of data tampering.
The working principle of the wallet address is based on the principles of cryptography, using encryption and signature technology to ensure that only the person holding the private key can access and control his assets. The private key is a randomly generated string of numbers. It is the user's only certificate for the asset and must not be leaked or lost. Through a certain algorithm, the private key can generate the corresponding public key, and the public key can generate the wallet address through another algorithm. There is a mathematical relationship between private keys, public keys and wallet addresses, but they cannot be deduced from each other.
When a user wants to send cryptocurrency to another user, he needs to know the other party's wallet address and use his own private key to sign the transaction. In this way, the blockchain network can verify the legality and authenticity of the transaction and record it on the blockchain. When users wish to receive cryptocurrency, they simply provide their wallet address to the other party and wait for the transaction to be confirmed. This approach ensures transaction security and transparency, allowing users to send and receive cryptocurrencies with ease.
Wallet addresses can be divided into different types according to different standards. The following is a common classification method:
Different cryptocurrency networks use different rules to generate wallet addresses, so the same user may have multiple wallets of different types. address. For example, the wallet address of Bitcoin (BTC) usually starts with 1, 3 or bc1, the wallet address of Ethereum (ETH) usually starts with 0x, and the wallet address of TRON (TRX) usually starts with T. These rules make addresses unique between different cryptocurrencies, ensuring the security and independence of cryptocurrencies.
Different format types represent different encoding or verification methods, so a cryptocurrency network can support wallet addresses in multiple format types. Bitcoin (BTC), for example, supports three format types: P2PKH, P2SH, and Bech32. P2PKH is the earliest and most common format type, starting with 1; P2SH is a later introduced format type, starting with 3; and Bech32 is the latest and most secure format type, starting with bc1.
Different function types represent different uses and characteristics of wallet addresses in cryptocurrency networks. The same cryptocurrency network can support multiple functional types of wallet addresses. For example, Bitcoin (BTC) supports two function types: normal addresses and SegWit addresses. Ordinary addresses are the most basic functional type and do not have any special functions. The Segregated Witness address is a functional type introduced later that can improve the efficiency and security of transactions.
To create a wallet address, users need to use a crypto wallet tool, which can be software or hardware. Crypto wallets can generate private keys, public keys, and wallet addresses, and manage users' assets. There are many types of crypto wallets, such as web wallets, mobile wallets, desktop wallets, hardware wallets, etc. Different types of crypto wallets have their own advantages and disadvantages, and users should choose the appropriate crypto wallet based on their needs and risk appetite.
To find a wallet address, users need to open their crypto wallet and select the cryptocurrency they want to find. The user can then see their wallet address, usually displayed as text or a QR code. Users can copy or scan their wallet address and share it with others. Users can also enter their wallet address on some blockchain browsers to view their transaction history and balance.
Can wallet addresses be reused?
Answer: Yes, wallet addresses can be reused, but in order to protect privacy and security, users are recommended to use a new wallet address for each transaction.
Can the wallet address be changed?
Answer: Yes, users can generate a new wallet address in their own encrypted wallet and use the new wallet address for transactions. However, users cannot change an existing wallet address, otherwise funds will be lost.
Is the wallet address case-sensitive?
Answer: Yes, most wallet addresses are case-sensitive, so users should pay attention to correctness when entering or copying wallet addresses. However, some format types of wallet addresses are not case-sensitive, such as Bitcoin (BTC)’s Bech32 format type.
Does the wallet address have an expiration date?
Answer: No, the wallet address has no validity period. As long as the user has the corresponding private key, he can use his wallet address permanently.
This article introduces what the cryptocurrency term wallet address (Wallet Address) is, as well as its role, principle, classification, creation and search methods, etc. Hopefully this article will help readers better understand and use cryptocurrencies.
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