What happens when a new wallet is created
Creating a new Ethereum purse generates several important files and information to facilitate interaction with the Ethereum network. In this article, we will go into what each of these components represents and how they promote your overall experience.
1. Private key
A private key is a unique, secret code used to sign transactions on the Ethereum network. This is important to check the ownership and coin authenticity received from other users or transactions in the blockchain. A new wallet will usually generate a new private key when you create it that can be safely saved on your device.
2. Public Key
The public key, also known as the address, is a unique character string used to receive and send an ether to the Ethereum network. It is essentially a digital identifier that serves as proof of ownership of each account. When creating a new wallet, it usually generates a new public key that can be shared with others or securely stored.
3. The signature of the transaction
When sending transactions to other users or knots on the Ethereum network, your private key is combined with a unique transaction signature using the algorithm “KECCAK-256”. This signature verifies that you as the account owner has allowed the transaction and that it meets the agreed rules. The public key, along with the signature of the transaction, forms a mixture of transaction data.
4. Blockchain address
Blockchain address is a unique character string (usually eight or twelve) that reflects your Ethereum wallet balance. It is often shown as “0x …” followed by hexadecimal depiction of its length and eight to eleven digits. This address can be used to receive an ether, send an ether to other users, or access special Ethereum network features.
5. Account balance
Account balance is the current total value stored in your Ethereum Wallet Private Key. It reflects the sum of all coins, tokens and other assets belonging to you as the account owner.
6. Private Key (Wallet Seed)
In some cases, a new wallet can create a purse seed when creating it. This seed consists of a series of words used to create a new Ethereum wallet with a certain pair of keys. The private key is generated using seed and can be safely shared or stored to facilitate future transactions.
Is the public key the same as the address?
While both terms are often used interchangeable, they refer to slightly different aspects:
* Public Key : A unique character string that depicts a digital identifier that serves as account ownership. Usually it is shown at the blockchain address (eg “0x …”).
* blockchain address : The actual public key used for receiving the ether or accessing special features on the Ethereum network.
By summing up when you create a new wallet, it generates:
The private key serves as a unique transaction authorization code, while the public key reflects your ownership and identity on the Ethereum network.
