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Thursday, 18 October 2018

Convert public, private key pairs to addresses in Block Chain

Social Security numbers or bank account numbers are just identification numbers and have no other function but to identify individuals for the purposes of Social Security or banking.

A public key however has a corresponding private key which are mathematical linked to each other. These keys are used to create a transaction between parties by encrypting and decrypting data with these keys.

The randomly generated private key and the calculated public key are converted into a private address and public address.

More information about private and public keys, see the Elliptic Curve Key Pair Generation video, part | | of the Blockchain tutorial series.

There can be many reasons why a public and private key pair are converted into differently looking public and private addresses, for example:
  • implement checksum digits in addresses to detect mistyping of the addresses.
  • implement version number in addresses to differentiate between similar blockchain implementations (Bitcoin, Litecoin) or environments (Bitcoin, Bitcoin-Testnet).
  • apply base-58 encoding to addresses to avoid mistyping of the addresses.
  • apply hash algorithm to addresses to reduce the address sizes.
In a later blog i will demonstrate how to create a bitcoin private and public address starting from a randomly generated number.

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