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Understanding of the private keys Ethereum: is each user or address unique?
When it comes to cryptocurrencies such as Bitcoin, Ethereum and others, the concept of “private keys” could be confused due to its similarity with traditional IT security practices. In this article, we will divide how Ethereum’s private keys work, making sure you understand if each user has a private key or each address is assigned a univocal private key.
What are the private keys Ethereum?
Ethereum’s private keys, also known as wallets, are used for two primary purposes: archive and manage cryptocurrency transactions. Each Ethereum portfolio contains a series of private keys, which are used to access the Blockchain network. These private keys are designed to be extremely safe and private, ensuring that only authorized persons can view or manipulate their funds.
How do the private keys Ethereum work?
Here is a simplified explanation:
- Derivation : When you create an Ethereum portfolio, it generates a series of private keys using a process called derivation. This involves mapping of the address to its corresponding private key.
- Derivation of the address : Ethereum address is assigned a univocal private key through the derivation process. Think about this as an individual correspondence between addresses and private keys.
- Storage Blockchain : the portfolio stores both the public address (used for transactions) and the corresponding private key.
Are every user or address unique?
Although it may seem intuitive to suppose that each Ethereum user has his own unique private key, this is not entirely accurate. There are several reasons why:
* Network Ethereum : the Ethereum network consists of multiple nodes (computer) that perform the Ethereum protocol. Each node can generate a separate set of private keys for different addresses.
* derivation chain
: the derivation process creates a chain of private keys, each derived from the previous one. This chain is unique for each address and represents the way the funds are assigned on multiple wallets.
* More portfolios for address: in Ethereum, users can have more wallets on their addresses (known as “if separate accounts”). Each wallet would have its own set of private keys.
In short
While each user does not necessarily have a unique private key for each address, the same blockchain network is divided into a chain of unique derivation routes. The process guarantees that the funds are assigned to several wallets through multiple addresses. This intricate structure is the basis of how Ethereum’s private keys work, providing a safe and decentralized way to manage cryptocurrency transactions.
This article provides a global understanding of Ethereum’s private keys and their role in guaranteeing the blockchain network.
