How to determine the virtual currency wallet address

The virtual currency wallet address is a unique identifier generated based on the public key and is used to receive and send digital assets. The determination method is as follows: Generated from the public key: The public key is hashed using a hash algorithm and a check code is added. Base58 encoding: The hash value is converted into a shorter string using Base58 encoding. Uniqueness: Each address is generated by a specific public key to ensure uniqueness.

How the virtual currency wallet address is determined

The virtual currency wallet address is a unique identifier composed of a string of letters and numbers Token for receiving and sending digital assets.

The following is how to determine the virtual currency wallet address:

Public key-based determination

• The virtual currency wallet address is generated based on the public key, The public key is the first key in a pairwise key system and is used to encrypt transactions sent to the wallet.
• When you create a virtual currency wallet, the system generates a pair of keys: a public key and a private key. The public key is used to generate the wallet address.

Hash Algorithm

• The public key is hashed with a hashing algorithm such as SHA-256.
• The hashing process generates a fixed-length unique code called a hash value.

Verification code

• Hash values ​​are usually too long and not suitable for use as wallet addresses. Therefore, a checksum is added to the hash value to ensure the address is accurate.
• The check code is generated by further hashing the hash value.

Base58 encoding

• The resulting hash value is converted into a shorter, more readable string using Base58 encoding.
• Base58 is an encoding system for representing numbers, using letters and numbers.

Format

Virtual currency wallet addresses usually begin with specific characters that indicate the currency or blockchain to which they belong. For example, Bitcoin addresses start with "bc1" and Ethereum addresses start with "0x".

Uniqueness

Each wallet address is unique and generated by a specific public key. This means that any given wallet address can only be used with one specific wallet.

Security Tips

• Never share your private key with others.
• Back up your wallet regularly to prevent loss or damage.
• Use a safe, reputable wallet provider.

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