Bitcoin extended public key

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Therefore, you can have a single extended private key, and use it as the source for all the child private keys and public keys in your wallet. In addition, a corresponding extended public key will generate the same child public keys. You can think of a HMAC as a hash function that allows you to pass data along with in an additional secret key to produce a new set of random bytes. The HMAC function returns 64 bytes of data which is totally unpredictable.

We split this in to two halves to create our master extended private key: The left half will be the private key, which is just like any other private key. The right half will be the chain code, which is just an extra 32 bytes of random data. The chain code is required for generating child keys. Extended Private Key So an extended private key is ultimately just a normal private key coupled with a chain code. A private key with an extra 32 bytes. Extended Public Key We can also create a corresponding extended public key.

This just involves taking the private key and calculating its corresponding public key , and coupling that with the same chain code. And there we have our initial master extended private key and master extended public key. Tip: As you can see, extended keys are nothing special in themselves; they are just a set of normal keys that share the same chain code an extra 32 bytes of entropy.

The real magic of extended keys is how we generate their children. As the key can be arbitrary, we opted to use to make sure the key derivation was Bitcoin-specific. Extended Key Tree All extended keys can derive child extended keys. The cool thing about extended public keys is that they can generate the same public keys as the extended private key. For security, you can derive two types of children from an extended private key: Normal - The extended private key and extended public key can generate the same public key.

Indexes 0 to the first half of all possible children Hardened - Only the extended private key can generate the public key. Child Extended Key Derivation Both extended private keys and extended public keys can derive children, each with their own unique index number. There are 3 methods for deriving child keys: Normal Child extended private key Hardened Child extended private key Normal Child extended public key Tip: Derived child extended keys and parent keys are independent of each other.

Work out the public key. This is so a corresponding extended public key can put the same data in to the HMAC function when deriving their children. Use an index between 0 and Indexes in this range are designated for normal child extended keys.

Put data and key through HMAC. This is just a unique set of bytes that we can use for the new chain code. The new private key is the first 32 bytes of the result from the HMAC added to the original private key. Are you still with me? You heard me. That means at a certain point on our tree, we could grow a brand new tree. So I guess you can think of things as more like an infinite fractal. All you need is one crypto wallet; and within that, you can have a wallet for personal expenses, a wallet for public trades, a wallet for doge coin… Using your one extended parent private key, you have access to all of them, and all of them are extended key pairs, meaning they can all generate fresh addresses.

These can be thought of as a sort of one way valve. Because they know the non-hardened extended child private key, they have access to spend all funds tied to keys connected to that child. On the other hand, if the extended child private key they managed to get ahold of was hardened, it would be impossible for them to access the rest of the wallet; even if they found out your extended parent public key.

Your personal expenses funds are gone, but your precious doge coin would be safe. And now, to tie it all together — the eponymous extended public key. Extended Public Key To recap the above: Using an extended public key, you can generate billions of fresh receiving addresses 4,,, to be exact. Even better, while your extended public key can be used to generate addresses and therefore be used with any software you write, and any software you trust it categorically cannot be used to access any of your funds.

Anyone with it would be able to see all your transactions. Extended public keys, helpfully, have the word pub in them. Indeed, if you look in the right place in your wallet, you can find generally your extended public key. This is the piece of information that the wallet is using to generate all your Bitcoin addresses. Legacy, Segwit and Native Segwit When looking at Bitcoin addresses the ones you can send money to , you may have noticed that they start with either a 1, a 3 or bc1.

These addresses work just fine for transactions, but fees will be higher than the other two types. This is because the newer two types of address — Segwit 3 and Native Segwit bc1 — have been engineered to use less space on the blockchain.

Legacy addresses use pay to public key hash P2PKH which is fairly straightforward — payment is sent to the hash of your public key. Segwit uses pay to script hashing, which essentially means that there is a piece of code that must be satisfied a script before the Bitcoin in a transaction is actually transferred.

So what does this have to do with extended public keys? Extended public keys can only generate one type of address — legacy, segwit or native segwit.