Digital currency wallet address type

Digital currency wallet address type: Public key address (P2PKH): secure, but complex and single-use. Hash 160 address (P2SH): Secure, space-saving, and reusable, but less compatible.

Digital currency wallet address type

Overview

The digital currency wallet address is A unique code that identifies where a specific digital asset is stored. There are two main types of digital currency wallet addresses:

1. Public key address (Pay-to-Public-Key-Hash, P2PKH)

Public key address is created based on the hash of the recipient's public key. A public key is a large user-generated number used to encrypt transactions. To send funds, the recipient's public key address must be provided.

Advantages:

• Secure because the public key is only visible to the recipient.
• Compatible with most digital currencies.

Disadvantages:

• The address is long and complex.
• One-time use, cannot be reused after use.

2. Hash 160 (Pay-to-Hash-160, P2SH)

Hash 160 address is the hash value of the public key Created by secondary hashing. It is similar to a public key address, but uses an extra hashing step.

Advantages:

• Provides extra security because the hash value is encrypted twice.
• Save space because hash 160 addresses are shorter than public key addresses.
• Can be reused.

Disadvantages:

• Low compatibility, all digital currencies are not supported.

Choose the appropriate address type

When choosing a digital currency wallet address type, you need to consider the following factors:

• Security: Public key addresses provide higher security but are single-use.
• Convenience: Hashed 160 addresses are more convenient because they can be reused.
• Compatibility: Ensure that the selected address type is compatible with the digital assets to be stored.

Most mainstream digital currencies support both public key addresses and hash 160 addresses. Ultimately, the best type of address depends on an individual's security and convenience needs.

The above is the detailed content of Digital currency wallet address type. For more information, please follow other related articles on the PHP Chinese website!