How Private Key Is Generated In Blockchain

Posted : admin On 13.12.2020

This article has 3 sections - one for the new Blockchain.info wallets based of BIP39 seeds, one for classic wallet addresses imported into the new wallet and one for the classic old wallets.

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  4. Apr 20, 2018 Note: Blockchain.info's new wallets make use of a bip39 recovery seed to generate EVERY ADDRESS and PRIVATE KEY in your Blockchain.info account. At this time it is not possible to extract only 1 address' private key so the only option is to make use of the recovery seed to gain access to the address that has your OmniTokens.

It is not possible to derive the public key from the address; likewise, it is impossible to derive the private key from the public key. In the Blockchain.com Wallet, your 12-word recovery phrase is a seed of all the private keys of all the addresses generated within the wallet. This is what allows you to restore access to your funds even if you.

For Blockchain.info's newer wallets based on a recovery phrase

Note: Blockchain.info's new wallets make use of a bip39 recovery seed to generate EVERY ADDRESS and PRIVATE KEY in your Blockchain.info account. At this time it is not possible to extract only 1 address' private key so the only option is to make use of the recovery seed to gain access to the address that has your OmniTokens. Extreme care should be taken to perform the following steps on an airgapped/offline machine to preserve the integrity of your recovery seed. You may even want to consider this method a fallback/last resort and after completing the recovery actions discard all addresses/wallets/accounts and start a new Blockchain.info wallet.You have been warned

  1. If you do not already have your Blockchain.info recovery seed/phrase you will need to login to your Blockchain.info account and navigate to the 'Security Center' and then click on the 'Phrase Backup' Option under Level 1 (Note: Once you backup the recovery phrase you will not be able to access it again. Make sure you properly record this info)
  2. If you have more than 1 wallet in your blockchain.info account you will need to determine which wallet contains the address you want to recover.
  3. In blockchain.info's wallet go to 'Settings-> Addresses'. You will see all your wallets listed by name.
  4. If you only have 1 then your Account number for step 6 is 0. If you have more than 1 then use the 'Manage Address' button to display the addresses within each wallet until you find the wallet that contains the address you want to recover/import into Omniwallet.
  5. Count down the list of wallets starting with 0 for the first/'My Bitcoin Wallet' and when you reach the wallet that has the address make note of its number. This will be the account number for step 6.
  6. Once you have your recovery phrase you will need access to the Bip39 generator
  7. We recommend you download the 'bip39-standalone.html' file directly from github to thumbdrive
  8. On your offline machine access/open/load the 'bip39-standalone.html' file
  9. Enter your Blockchain.info recovery phrase/seed in the webpage next to 'BIP39 Mnemonic'
  10. Choose number of words = '12' (or set the number of words for how many were in your recovery phrase)
  11. Scroll down to the 'Derivation Path' (leave BIP44 selected) and enter your account number from step 2 here.
  12. Leave all the rest of the entries set to their default
  13. Scroll down to the 'Derived Addresses' section and you should now see a list of addresses that will match the list of addresses in blockchain.info for your wallet.
  14. Find the address in question and copy its private key.
  15. Once you have this you can go to https://www.omniwallet.org and click 'Create a New Wallet' (or log into a wallet you already created).
  16. Once you have created/logged into your wallet go to the 'My Address' page and click the 'Import Address with Private Key' Button.
  17. Enter the private key you exported from blockchain.info and in a few moments that address should be added to your wallet and displayed in the list below giving you access to your BTC and any Omni Protocol Properties on that address.
  18. If the newly imported address does NOT match the address you are expecting try taking a look at this article: After importing my private key and the address I get is different than what I expected!

How Private Key Is Generated In Blockchain Computer

For Blockchain.info addresses imported into the New Blockchain.info Wallet from Blockchain.info's Classic Wallets

  1. Login to your wallet on Blockchain.info
  2. Goto the 'Settings' Menu on the left
  3. Goto the 'Addresses' Submenu under 'Settings' Menu
  4. On the right side find the section named 'Imported Addresses'
  5. Click on 'Manage Addresses'
  6. On the new screen find the address you want to export the private key from
  7. Click on the 'More Options' on far right side of that address
  8. Select 'Private Key' and then 'Continue'
  9. Choose the 'Private Key Format' : 'WIF'
  10. Copy the Private Key listed and go to your Omniwallet
  11. Once you have this you can go to https://www.omniwallet.org and click 'Create a New Wallet' (or log into a wallet you already created).
  12. Once you have created/logged into your wallet go to the 'My Address' page and click the 'Import Address with Private Key' Button.
  13. Enter the private key you exported from blockchain.info and in a few moments that address should be added to your wallet and displayed in the list below giving you access to your BTC and any Omni Protocol Properties on that address.
  14. If the newly imported address does NOT match the address you are expecting try taking a look at this article: After importing my private key and the address I get is different than what I expected!

For Blockchain.info Classic Wallets

  1. Login to your wallet on Blockchain.info
  2. Click 'Import/Export' link in the second header
  3. Click 'I Understand' to the advanced warning
  4. On the left side menu click 'Export unencrypted'
  5. Enter your secondary password
  6. Select the 'Private Key Format' of 'Bitcoin-QT Format'
  7. In the window underneath you will see a bunch of json formatted text (text enclosed in {} braces).
  8. Search for the last few lines that look like 'addr':'1Pd3','priv':'....'
  9. Your private key will be the shown after the 'priv' and will start with either the number 5 or the letter K
  10. Once you have this you can go to https://www.omniwallet.org and click 'Create a New Wallet' (or log into a wallet you already created).
  11. Once you have created/logged into your wallet go to the 'My Address' page and click the 'Import Address with Private Key' Button.
  12. Enter the private key you exported from blockchain.info and in a few moments that address should be added to your wallet and displayed in the list below giving you access to your BTC and any Omni Protocol Properties on that address.
  13. If the newly imported address does NOT match the address you are expecting try taking a look at this article: After importing my private key and the address I get is different than what I expected!
Clone this wiki locally

There is more to a bitcoin wallet than just the address itself. It also contains the public and private key for each of your bitcoin addresses. Your bitcoin private key is a randomly generated string (numbers and letters), allowing bitcoins to be spent. A private key is always mathematically related to the bitcoin wallet address, but is impossible to reverse engineer thanks to a strong encryption code base.

If you don’t back up your private key and you lose it, you can no longer access your bitcoin wallet to spend funds.

Private Key In Blockchain

As mentioned, there is also a public key. This causes some confusion, as some people assume that a bitcoin wallet address and the public key are the same. That is not the case, but they are mathematically related. A bitcoin wallet address is a hashed version of your public key.

Every public key is 256 bits long — sorry, this is mathematical stuff — and the final hash (your wallet address) is 160 bits long. The public key is used to ensure you are the owner of an address that can receive funds. Generate random aes 256 key c. The public key is also mathematically derived from your private key, but using reverse mathematics to derive the private key would take the world’s most powerful supercomputer many trillion years to crack.

Besides these key pairs and a bitcoin wallet address, your bitcoin wallet also stores a separate log of all of your incoming and outgoing transactions. Every transaction linked to your address will be stored by the bitcoin wallet to give users an overview of their spending and receiving habits.

Last but not least, a bitcoin wallet also stores your user preferences. However, these preferences depend on which wallet type you’re using and on which platform. The Bitcoin Core client, for example, has very few preferences to tinker around with, making it less confusing for novice users to get the hang of it.

Key

Blockchain Private Key Public Key

Your bitcoin wallet generates a “master” file where all of the preceding details are saved. For computer users, that file is called wallet.dat. It’s saved on a Windows machine, for example, in the C:UserYournameDocumentsAppDataRoamingBitcoinfolder. Make sure to create one or multiple backups of this wallet.dat file on other storage devices, such as a USB stick or memory card. The bitcoin wallet software will let you import a wallet.dat file in case your previous file is damaged or lost, restoring your previous settings, including any funds associated with your bitcoin wallet address.

Private Blockchain Examples

Check out more information on importing private keys and wallet.dat files.