Electrum, on the other hand, uses BIP32. For example, the Ledger Nano S hardware wallets support SEED BIP39 and 44, idem Trezor. ![]() However, the use of different seed implementations in the main wallets can have some negative repercussions. Finally, from it, the daughter keys will be created according to the method reported in the specifications of BIP39 or 44. The latter will then be used to create in a deterministic way a BIP32 master key. So any wallet that shows the words “BIP 32/39/44 compatible” will generate a passphrase of 12 to 24 words that will be used to generate a deterministic 512-bit seed. In detail, the BIP44 has introduced the possibility of using multiple accounts. This standard also includes the process of transforming those words into a hexadecimal 512-bit SEED, which is the real SEED needed to generate the HD BIP32 wallet. They are wallets that can be shared partially or entirely with different systems, each with or without the possibility of spending coins.īIP39 and 44, on the other hand, are a more recent form of standardization of a specific list of words (passphrase) for a given language. Typically, most cryptocurrency wallets use the first three.īIP32 was the first seed standard for hierarchical deterministic wallets. There are several, including BIP32, BIP39, BIP44 and also BIP43. The recovery procedure, however, is not too obvious, as it is necessary to make some distinctions based on the standard of seed adopted. Just as in the real world you are not bound to the use of a certain calculator to perform a mathematical operation, not even the seed is therefore bound to the specific software of a given wallet. ![]() In fact, it translates the seed into a Master Key, from which all the other keys will be derived in a deterministic order. The merit is of the cryptography, in particular of the concept of the hierarchical deterministic wallet, which, thanks to the use of some mathematical functions, allows users, starting from the seed, to recover everything. How can the seed work to recover lost funds? Whether the computer on which the wallet is installed, is uninstalled or destroyed, the SEED will always allow you to recover funds. Once transcribed on a sheet of paper or learned by heart, the SEED (except for loss or theft) will always allow you to retrieve the bitcoins on the associated address. “inspire october ten crop warfare wink game regular alley mimic anchor extra”.Ī sentence of such composed words does not make sense, but it will be the only way to retrieve the funds of the associated wallet, regardless of how many transactions have been executed and how many addresses have been generated. It is more or less like a phrase like that: It consists of a random string of words, usually 12, but can also be 18 or 24 words. Most of the wallets used to offer the possibility to make a backup of the funds through the seed. Seed: a phrase to restore everything, anytime, anywhere If, for example, Electrum or Coinomi were to disappear one day, how would it be possible to recover funds without a well-defined standard?įor this reason in recent years have been defined some well-specified standards of seed to safely store their private keys. ![]() However, there are different types of seeds belonging to real standards, so as to allow the user to recover their funds on different wallets. The seed is extremely important, which is why it must be stored with great care, perhaps on several paper copies offline, as it is essential to recover the funds kept in the wallet. It consists of a sentence consisting of a number of words. Each wallet of any cryptocurrency has its own seed.
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