Wallet address digital currency address

A digital currency wallet address is a string of characters uniquely used to receive and send cryptocurrency, similar to a bank account number. The address contains: version bytes, checksum, and address hash (hash of the cryptocurrency public key). There are two address types: P2PKH (pay per key hash) and P2SH (pay per script hash). Generate addresses using cryptography and elliptic curve generators. When receiving funds the address is provided to the sender, the transaction is encrypted using the public key and sent to the address. When sending funds the private key is used to unlock the wallet and create a transaction including the recipient address and the amount to be sent. Address security depends on the confidentiality of the public and private keys.

Wallet Address: Identifier of Digital Currency

Digital Currency Wallet Address is a unique character used to receive and send cryptocurrency string. It's like a bank account number, but more complex than a traditional bank account number, often containing dozens of characters.

Composition of address

Digital currency address consists of the following parts:

• Version byte:Identification address The protocol version used.
• Check code: is used to verify whether the address is valid.
• Address Hash: The hash value of the cryptocurrency public key.

Type

There are two main types of digital currency addresses:

• P2PKH (by key Hash Pay): The most common address type, it uses the hash of the public key.
• P2SH (Pay Per Script Hash): A more advanced address type that uses the hash of a script.

Generate address

Digital currency addresses are generated using cryptography and elliptic curve generators. It involves encrypting the public key into a hash value and adding a checksum to the hash value.

Receive Funds

To receive digital currency, simply provide your wallet address to the sender. The sender will use the public key to encrypt the transaction and then send it to the wallet address.

Send Funds

To send digital currency, you need to unlock your wallet using your private key and create a transaction. The transaction will contain the recipient’s wallet address and the amount to be sent.

Security

The security of digital currency addresses depends on the security of public and private keys. The public key is public, while the private key should be secret. If the private key is compromised, an attacker can access the funds in the wallet.

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