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Curso de Bitcoin para Developers

Curso de Bitcoin para Developers

Juan Sebasti谩n Marulanda

Juan Sebasti谩n Marulanda

Seeds and mnemonic codes

15/16
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Non-deterministic wallets are not very accessible and uncomfortable for users because they must back up each private key independently. Deterministic wallets arrived later and solve the problem of portability and make the management of multiple keys more user-friendly.

What is a master key

The master key of a deterministic wallet, also called recovery key or seed, is unique and allows to generate a number of private keys within the same wallet.

This recovery key of our accounts in a wallet is composed of a series of 12, 18 or 24 words in English that we must write down and keep in a very safe way. Its loss or theft will result in the loss of our accounts and the keys that hold the cryptocurrencies. No one can help us recover this master key if we lose it.

These words that make up the master key, called mnemonic codes, are completely readable for a user and easy to transcribe, export and import. Unlike having to store a hexadecimal string.

Semillas hexadecimales y mnem贸nicas

Deterministic key generation

If you use a wallet like Metamask as a browser plugin, with it you can create as many accounts as you want.

Creaci贸n de cuentas en Metamask

If you download the Metamask Android or IOS app and restore your wallet with the master key, a funny thing happens. You will find that the wallet only has one account and you will have to generate the others again.

You will notice that the accounts it generates are exactly the same as the ones you have in the browser. As its generation is deterministic, the order of creation of the accounts is always the same.

Generaci贸n secuencial de llaves

I invite you to create a wallet in Metamask or in your wallet of choice and use it on multiple devices and learn more about account creation.

There is also a more advanced version of deterministic wallets called HD Wallet or Hierarchical Deterministic Wallets. These allow secondary keys to be generated hierarchically and kept secure.

HD Wallet, generaci贸n jer谩rquica de llaves

Safekeeping of private keys

It is your responsibility to keep the private key or the recovery words of your wallet in a safe way in order not to lose your money and to avoid theft.

It is not advisable to save this information in a digital format such as a password manager like BitWarden or a simple text file in Drive.

It is advisable to store this information offline, in analog format. For this you can investigate services or products such as:

  • Paper wallets: allow you to print on paper your passwords and store them in a safe or a secure place that only you know, as if it were cash. Services like BitAddress or Bitcoin.com.
  • Cryptosteels: allow you to store your recovery words in stainless steel products that are resistant to fire, acid, water and the passage of time.

If you are going to store value and large sums of money in cryptocurrencies, look for the best way to safeguard your private keys. It is your financial responsibility to do so and to have your money insured. A traditional bank could help us recover our password. In the decentralized world, no one will help us and we may lose our savings.

Conclusion

The user experience of wallets for storing private keys has been evolving and there are better and better ways to keep this information not only secure, but also portable and readable.

Today, non-deterministic wallets are used only by professionals or those who have been around the Blockchain world for many years. As new users, our wallets will most likely be deterministic.

Also, take responsibility for your private keys and be aware of the importance of storing this information correctly. We are human, we forget things and it is best to be cautious about what we do with our money.


Contribution created by: Kevin Fiorentino (Platzi Contributor).

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驴Qu茅 es un mnem贸nico?
Una representaci贸n de un n煤mero aleatorio a trav茅s de 12/24 palabras muy sencillas de escribir.

Deterministic Wallet

A partir de 12 o 24 palabras generas tus llaves.

Increible curso, felicitaciones!
Pese a estudiar hace un tiempo cripto, se me hacia dificil entender como funciona todo!
He terminado el curso en el mismo d铆a!

Seeds and mnemonic codes.

Deterministic Wallet.

  • Todas las llaves se generan a partir de una llave maestra, conocida como seed.
  • Las llaves est谩n relacionadas unas con otras y pueden ser generadas nuevamente con el seed original.
  • Mnemonic code words: representaci贸n de un n煤mero aleatorio a trav茅s de 12 o 24 palabras sencillas de escribir.

.
C贸digos mnem贸nicos.

  • Creaci贸n de un seed a partir de una secuencia de palabras en ingl茅s.
  • Facilidad para transcribir, exportar e importar.
Tipo Ejemplo
Seed como hex 0C1E24E5917779D297E14D4SF14E1A1A
Seed de un mnem贸nico de 12 palabras army van defense carry jealous true garbage claim echo media make crunch

Utilizo Metamask como plugin en el navegador y tengo tres cuentas generadas con mi llave maestra. Hace poco descargu茅 la versi贸n mobile de Metamask, restaur茅 mi cuenta con la llave maestra y me encontr茅 solo con una cuenta. Enseguida gener茅 las otras dos que faltaban y no entend铆a por qu茅 inicialmente no las ve铆a y c贸mo es que se generan siempre las mismas llaves en el mismo orden.
Gracias a esta clase, ahora entiendo c贸mo funciona!

Utilizo la wallet de Coinbase, Trust wallet y Metamask para los NFT鈥檚.

yo utilizo la green wallet , no tus llaves privadas, no tus bitcoin, inconfiscable.
Si entiendo entonces sigue el siguiente proceso: Generar Seed Aleatoria -> Convertir Seed a Frase Mnemot茅cnica (Mnemonic) -> Derivar Llave Privada de Mnemonic -> Convertir Llave Privada a Formato WIF -> Convertir WIF a WIF Comprimido -> Generar Direcci贸n P煤blica de Bitcoin a partir del WIF Comprimido.

Ahora tiene sentido todo jajajajja, seria interesante implementar como en la banca tradicional un pin de 4 digitos en lugar de un mnemonico. Pienso que si llegamos a ese punto la adopci贸n masiva seria brutal.

hd Wallet A partir de una semilla, llave maestra y de all铆 todas las combinaciones que necesitamos

RESUMEN CLASE 15:
SEEDS AND MNEMONIC CODES

I.- DETERMINISTIC WALLET

  • Todas las llaves se generan a partir de una llave maestra, conocida como seed.

  • Las llaves est谩n relacionadas unas con otras y pueden ser generadas nuevamente con el seed original.

  • Mnemonic code words.

II.- HD WALLET

III.- CODIGOS MNEMONICOS

  • Creaci贸n de un seed a partir de una secuencia de palabras en ingl茅s

  • Facilidad para transcribir, exportar e importar.

muchas carteras solo soportan palabras en ingles asi que por compatibilidad no use aun mnemonic en espa帽ol

Un curso muy bueno excelente. Gracias