Author: Adam Back 2013-10-15 13:34:46
Published on: 2013-10-15T13:34:46+00:00
The context describes an attempt to decipher BIP 038, which involves a process of generating private and public keys for a cryptocurrency. The process starts with the user generating a random salt and using it to create a Scrypt hash of their password. This hash is then multiplied by a generator point to create a public key, which is sent to the coin manufacturer along with the salt.The manufacturer generates a random value and multiplies it by the user's public key to create a new public key. They then use a combination of the two salts and the user's password to generate a key for encrypting the random value. This encrypted value is then embedded in the coin.Overall, the process involves multiple layers of encryption and randomness to ensure the security of the generated keys. BIP 038 provides a detailed specification for this process, including options for using different hashing algorithms and key derivation functions. However, the specific details of the process can be omitted or simplified for ease of understanding.
Updated on: 2023-06-07T17:35:27.549002+00:00