How are you? Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah....
Today I am going to talk about word address in blockchain with seems to be very interesting but very easy but I would like to talk about some of the important aspects of address in blockchain and I would implement a mathematical example of address also for making it more clear to all of you.
In layman's language when we talk about address then it is your identification of home or the way at which you live so that everyone may approach you but address in blockchain is also regarded as an identifier that is used for the trading of cryptocurrency means sending and receiving of cryptocurrency.Its just like a digital equivalent of the original bank account number. Address format vary from one cryptocurrency to another cryptocurrency.
When Hash function is applied to public key then address is generated as a result. There is a private key from which we can easily obtained public key which is stored in wallet already. Public key is used because private key by its name is indicating that it should not be shared with anyone for preventing stoling of your funds that is present in your wallet.
If you want to have your funds or another words if you want to receive it then it is important that you should send your address to the sender who have to send your funds to you. A sender would be responsible for the creation of transaction by the use of your address that you would give to them and after that it would be directly broadcasted to the respective blockchain.That transactions would be validated and verified by the miners which in return adds to block and hence it becomes blockchain part.When transactions becomes confirmed or final then funds automatically would be sent to receiver.
Basically address in a blockchain is public that's why it can be freely shared without any tension because it does not reveal any personal information of any user or person. Case sensitivity is one of the most important aspect of address because if you have made any minor mistake in the transaction then it would be send to another person so you have to check for at least twice or two times before putting on address and before verifying transaction.
If I give more information about address then I must say that there are some cryptocurrencies like Ethereum that use small contracts also so in this case address would not only represent and individual but it would also represent the small contract which are self executing. So that was brief about address in a blockchain but I would not stop here and surely I would implement a mathematical example of address at blockchain also as my title is indicating it.
First understand that how Bitcoin address is generated through which process so first of all we would start by the use of private key which is randomly generated number and it is representing as hexadecimal value so suppose that it is 256-bit and suppose that private key is here below:
Private key is 3a1076bf45ab87712ad64ccb3b10217737f7faa37d8fe
As I have explained in the above explanation that has function would be applied to the private key so we all know that in the case of Bitcoin has function which would be used is SHA-256.Hash function output is 256-bit you can denote it as the expression which I am explaining below:
Hash(private key) = SHA-256(private key)
Hash(private key) = 2c6ee24b09816a6f14f95d1698b24ead
After that now it is a time to use hash of private key and apply another Hash function so I am using here RIPEMD-160 as another hash function so output of this new Hash function that I have used now is 160-bit so now it's a time to again denote it in the form of expression as I have denoted it above.
RIPEMD-160(Hash(private key))
RIPEMD-160(Hash(private key)) = 010966776006953d5567439e5e39ee
In the final step there would be a version byte that would be used and their would be a checksum calculation that would be performed before the creation of final address of Bitcoin.Version byte would be used for making a difference between different types of addresses so suppose that mainnet Bitcoin address is starting with version byte of 0x00.
In checksum calculation now there would be the involvement of 4 bytes of double SHA-256 hash of RIPEMD-160 hash.This checksum would be appended to the RIPEMD-160 hash for creating of a 25-byte binary value.
Suppose that final Bitcoin address as:
Bitcoin Address = Base58Encode(version byte + RIPEMD-160(Hash(private key)) + checksum)
Bitcoin Address = 1A1zP1eP5QGefi2DMPTfTL5S
Now finally after a lot of struggle and after supposing different values my major purpose to tell you and guide you that we would start with private key and then we would applied hash functions and then it would be the performing of checksum calculations for generation of final Bitcoin address and then this address would be used to receive funds in Bitcoin.
That was a complete and detailed understanding of address that what is this in a blockchain and how it is used for receiving and sending funds I have explained it by implementing an example for making my topic more clearer to all of you so hopefully now it is very easy to understand to learn about it.
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