To store virtual currencies in an encrypted currency wallet, you must first understand the terms ‘private key’, ‘mnemonic’, and ‘keystore’, and understand what the correlation and differences between them are?

　　If you are not clear about the role of mnemonic and private key, any incorrect operation or loss of the wallet can lead to permanent loss of digital assets.

　　This article introduces what private key, public key, mnemonic, password, address, and keystore are, and describes their usage and secure methods of using them to ensure fund safety.

　　If we use a bank account as an analogy, these six words correspond to the following content:

　　Address = Bank account number, Password = Bank card password, Public key = Bank account number, Private key = Bank account number + Bank card password, Mnemonic = Bank account number + Bank card password, Keystore + Password = Bank account number + Bank card password, Keystore ≠ Bank account number

　　The private key is composed of 64-bit hexadecimal characters generated by an encryption algorithm. When you register an encrypted currency wallet, the private key is automatically generated.

　　For example, the following string is a common form of private key:

　　The private key is the most important tool for managing and using encrypted currency assets. The private key determines ownership, and if it is leaked, others can unlock the account and transfer your encrypted assets. In short,.

　　A wallet address has only one private key and cannot be modified. Unlike traditional account passwords, if the private key is lost, it cannot be recovered, so it must be kept properly, remember this!

　　The private key mainly has the following three functions:

　　1. Your receiving address is calculated and generated using the private key

　　2. Your transactions are authorized and sent out with the signature of the private key

　　3. Your assets are restored in the wallet with the help of the private key

　　In summary, the private key is the sole credential for your assets in the blockchain world. Owning the private key means owning the encrypted assets at the corresponding address.

　　However, storing and memorizing the private key in this form is too complex, hence the introduction of the ‘mnemonic’ tool below.

　　The public key, commonly referred to as ‘public address’, serves as an encryption identifier, enabling you to receive encrypted currency transactions. Similar to traditional banking transactions, it is akin to the bank account number used by others to transfer funds to you.

　　The public key (Public Key) and private key (Private Key) are a pair of keys in an asymmetric encryption algorithm, where the public key is the publicly disclosed part, and the private key is the non-public part. If data is encrypted with the public key, it can only be decrypted with the corresponding private key.

　　You can understand the public key as ‘bank account’ and the private key as ‘password’. When making a transfer, the private key is used to sign, indicating control over that account.

　　The public key can be calculated from the private key, but the private key cannot be calculated from the public key, which ensures the security of encrypted assets.

　　The public key is usually used to encrypt session keys, verify digital signatures, or encrypt data that can be decrypted with the corresponding private key.

　　The key pairs obtained through this algorithm can ensure that they are unique worldwide. When using this key pair, if one key is used to encrypt data, the other key must be used to decrypt it.

　　The birth of the public key originates from the private key, utilizing complex one-way mathematical algorithms. This ensures that while it is possible to derive the public key from the private key, the reverse process of deriving the private key from the public key is actually unachievable.

　　The public key is similar to an email address and can be freely shared, enabling others to transact with you. In contrast, the private key is like a secret password and should be strictly kept confidential.

　　In the field of cryptocurrencies, the public key acts as a container to facilitate the receipt of funds. On the other hand, the private key is used for authentication and authorization of outgoing transactions, allowing you to send cryptocurrencies.

　　Comparing it with traditional banking services: the public key can be considered as your bank account number (which can be publicly disclosed), and the private key can be considered as the password for your bank account.

　　Based on the public key, an address (Address) can be derived, which is analogous to a bank account number and is required for transfers. Simply put, the address = bank account number.

　　When creating a wallet, a pair of keys is generated through the Elliptic Curve Digital Signature Algorithm (ECDSA) – that is, the public key and the private key; based on the principle of the Elliptic Curve Digital Signature Algorithm, the private key can derive the public key; then the public key is generated through digital signature and hash operations to produce the address, and this process is irreversible.

　　It can be said that.

　　The public key and address can be publicly disclosed; the private key is used for digital signatures during transactions to prove ownership of assets, so it must never be leaked. Whomever possesses the private key is the owner of the wallet assets.

　　After creating a wallet, a 42-character string starting with ‘0x’ is generated, which is the wallet address. Each wallet corresponds to a unique wallet address, which cannot be modified. In other words, all the transfer receiving addresses for tokens in a wallet are the same.

　　For example, the ETH transfer receiving address and the EOS transfer receiving address in a wallet are the same. This is different from the addresses on cryptocurrency exchanges, where the transfer receiving addresses for different tokens are generally different. Therefore, it is essential to confirm the address before transferring coins to an exchange.

　　The wallet address can be used to receive coins transferred by others, and it can also serve as a receipt for transfers.

　　Firstly, understand that the password is not the private key; the password is the password set when the account was created (it can be changed). If the original password is forgotten, use the mnemonic or private key to deposit into the wallet, and set a new password at the same time.

　　The payment password when transferring;

　　The login password required when depositing into the wallet using keystore;

　　In traditional bank accounts, a bank card usually corresponds to only one password, and if the password is changed, the original password is no longer valid.

　　However, in cryptocurrency wallets, it is different. A wallet can use different passwords on different phones, and they are independent of each other, not affecting each other.

　　For example, if a password is set in the A phone wallet, and the wallet is imported into the B phone and a new password is set, it does not affect the password usage of the A phone wallet.

　　Since the private key is too long and inconvenient to remember and store, mnemonics (also known as recovery phrases) were created.

　　The mnemonic (Recovery Phrase) is the first time you set up an encrypted asset wallet (such as Ledger/MetaMask). Technically, it is a form of the wallet’s private key (private key) that is convenient for users to record and remember. If the wallet login password is forgotten, it can also be used as a ‘backup password’ to recover the account.

　　The following are 24 mnemonics for creating Ledger cold wallets for the reader’s reference. The picture is from the internet and should not be taken seriously!

　　Source: medium.com

　　1. Backup

　　After creating the wallet, a backup mnemonic feature will appear. Select backup mnemonic, enter the password, and 12 or 24 phrases will appear, each separated by a space. This is the mnemonic, and each wallet has only one mnemonic that cannot be modified.

　　2. Usage

　　The mnemonic is another form of the private key and has the same function. When importing into the wallet, entering the mnemonic and setting a password (no need to enter the original password) can access the wallet and have control over it, allowing you to transfer the tokens in the wallet.

　　3. Characteristics

　　The mnemonic can only be backed up once. After backup, it will never be displayed in the wallet, so it is important to write it down and save it carefully. Do not use network devices (such as LINE, screenshots, emails, etc.) to prevent hackers from stealing it.

　　The mnemonic is mainly for your convenience in remembering the private key, as the string of the private key has no pattern, while the mnemonic has a certain pattern.

　　Mnemonic does not require case distinction and is a common phrase, making it much more convenient than using private keys. Therefore, in recent years, mnemonic wallets have gradually become the mainstream.

　　The mnemonic has the same function as the private key and both need to be kept properly. Losing either one may result in your currency being stolen, and if both are lost, your assets will never be recoverable!

　　KeyStore is translated as ‘密钥库’ in Chinese, which is a repository (usually in JSON format) used to store private and public key credentials.

　　KeyStore is encrypted with a password set by the user to manage blockchain assets. It can be simply understood as, with KeyStore and the password, you can find the private key.

　　Please use as complex a password as possible to encrypt the Keystore file, which will increase the security of your wallet.

　　You must remember the password used to encrypt the Keystore file. If you forget the password, you will not be able to access the Keystore file again.

　　1. Backup

　　The wallet has a backup keystore featureonline casino download，come on baby. Select backup keystore, enter the password, and a long string of characters will appear, which is the keystore.

　　2. Usage

　　KeyStore can be used to store a series of private keys (Secret Key), private key pairs (Key Pair), or certificates.

　　In the deposit wallet, select the wallet, enter the keystore and password, and you can enter the wallet. It should be noted that this password is the original password set for this wallet on this phone, which is different from using private keys or mnemonic phrases to import the wallet. When using private keys or mnemonic phrases to import the wallet, you do not need to know the original password and can directly reset the password.

　　3. Characteristics

　　Keystore belongs to encrypted private key and is highly related to the wallet password. After the wallet password is changed, the keystore also changes accordingly. When importing the wallet with keystore, you need to enter the password, which is the wallet password when backing up the keystore. It is unrelated to the later password changes.

　　There are several ways to unlock a cryptocurrency wallet account:

　　(1) Private Key

　　(2) Keystore+Password (Keystore+Password)

　　(3) Mnemonic Phrase (Recovery Phrase)

　　Regarding the relationship between private key, password, and keystore, we can get the following summary:

　　You can generate keystore through private key+password, that is, encrypt the private key.

　　You can obtain the private key through keystore+password, that is, decrypt the keystore.

　　You can obtain different private keys according to different paths through the mnemonic phrase, that is, using the HD wallet to convert the mnemonic phrase into a seed to generate the master private key, and then derive a large number of child private keys and addresses.

　　The most terrifying problem when using a cryptocurrency wallet is to forget or leak important information such as private keys, passwords, and mnemonic phrases.

　　In the real world, if you lose your bank card, you can go to the bank to retrieve your assets. However, in the blockchain world, if you lose important wallet information, no one can help you retrieve your assets, and the wallet company cannot either.

　　What are the consequences if you forget or lose wallet information? There are the following situations:

　　(1) If you forget the mnemonic phrase, you can use the private key, keystore+password, to deposit into the wallet and re-back up the mnemonic phrase.

　　(2) If you forget the private key, you can use the password to withdraw the private key, provided that your wallet has not been deleted.

　　(3) If you forget the private key, you can also use the mnemonic phrase, keystore+password, to import the wallet and retrieve it.

　　(4) If you forget the password, you can re-set the password by importing the wallet with private key and mnemonicsports betting help and Just click to enter. If you do not back up the private key and mnemonic, you cannot reset the password, which means you have lost control over the wallet.

　　(5) If you forget the password, Keystore becomes ineffective.

　　(6) If you forget the address, you can import the wallet and find it using private key, mnemonic, and Keystore + password.

　　(7) If you forget Keystore, as long as you have not deleted the wallet and have a password, you can re-back up Keystore.

　　(8) If you forget Keystore, you can re-back up Keystore by private key and mnemonic, and deposit it into the wallet to re-back up Keystore.

　　As can be seen from the above, as long as one of the ‘private key, mnemonic, Keystore + password’ is present, the wallet is there. Therefore, it is most critical to back up these materials well.

　　What are the consequences if the wallet information is leaked? There are so many situations:…

　　(1) If the address is leaked, it is fine.

　　(2) If the password is leaked, it is fine.

　　(3) If the address + password is leaked, as long as the phone is still there, it is fine.

　　(4) If Keystore is leaked, but the password is not leaked, it is fine.

　　(5) If Keystore + password is leaked, others can enter the wallet and transfer the coins away.

　　(6) If the private key is leaked, others can enter the wallet and transfer the coins away.

　　(7) If the mnemonic is leaked, others can enter the wallet and transfer the coins away.

　　As can be seen from the above, if any of the three ‘private key, mnemonic, Keystore + password’ are leaked, others will have control over your wallet, and the coins in your wallet will be transferred away by others. Therefore, once there is a possibility of leakage of these three points, you should immediately transfer the assets in the wallet.

　　Since ‘private key, mnemonic, Keystore + password’ are so important, how should they be saved?

　　Due to the large amount of Keystore content, it is not convenient to copy by hand, just a handwritten backup is enough!

　　In order to ensure the security of the cryptocurrency wallet, …

　　To control the ownership of the wallet, the simplest method is to manually write a backup of ‘private key and mnemonic’, and either of them can open your cryptocurrency wallet.

　　Cryptocurrency wallets are suitable for long-term holding of cryptocurrencies and are not suitable for frequent operations. If you need to trade frequently, it is recommended to keep the virtual currency in large cryptocurrency exchanges such as Binance (Binance), which is relatively safe and convenient for trading at any time.

　　That is the detailed content of Online casino and How to find it: What is the private key/address/mnemonic/keystore in the wallet? What is the use of the mnemonic? For more information about virtual currency wallets, please pay attention to other relevant articles on Script Home!

　　Declaration: The content of this article does not represent the views and positions of this site, and does not constitute any investment advice of this platform. The content of this article is for reference only, and the risk is borne by the user!

　　Tag: Wallet, Private Key, Address, Mnemonic, Keystore