Published on: 2017-04-14T19:26:14+00:00
In a recent email thread on the bitcoin-dev mailing list, user Tom Zander expressed support for a proposal to create a Bitcoin Improvement Proposal (BIP) that defines a logical hierarchy for deterministic wallets on the Ethereum blockchain. The proposed BIP, called bip-nickjohnson-ethereum-purpose, is based on the algorithm described in BIP-0032 and the purpose scheme described in BIP-0043.The proposed hierarchy aims to address the unique requirements of Ethereum, as the current hierarchy defined by BIP44 is not well-suited for the platform and has resulted in compatibility issues between different clients. The new hierarchy defines two levels in the BIP32 path: purpose and subpurpose. The purpose level is set to the hardened value of the BIP number assigned to this BIP, indicating that the subtree of this node should be used according to this specification.The subpurpose level is set to the Ethereum Improvement Proposal (EIP) number, which specifies the remainder of the BIP32 derivation path. This allows for the creation of new Ethereum-focused applications of deterministic wallets without needing to interface with the traditional BIP process. The proposal seeks to provide a standardized approach to hierarchical deterministic wallets that better aligns with Ethereum's unique requirements.By adopting this proposed BIP, developers will have a clear framework to build Ethereum-focused applications of deterministic wallets. The use of BIP32 and BIP43 references in the proposal ensures compatibility with existing standards and technologies. Overall, this proposal aims to improve interoperability and standardization within the Ethereum ecosystem.
Updated on: 2023-08-01T20:22:48.665160+00:00