When you just get into the blockchain world, there are so many unknown words and concepts. The way that we are used to is to log in with ID and password and use the service. Today, we are gonna study about HD wallet, Mnemonic for better usage of Wallet in Blockchain.
My post already starts with the search. So let’s google it!
Actually HD wallet is the abbreviation of Hierarchical Deterministic Wallet.
When you translate each word separately, HD wallet is the blockchain wallet that has hierarchical relations and conducts randomly.
Wallet in Blockchain
Then what is the concept of wallet in Blockchain?
The main functions of wallets in blockchain are to store your digital asset’s balance and to keep personal account information to log-in to blockchain services.
You need that information to use other blockchain services and also to verify yourself.
That is why wallet users should store their private keys and Mnemonic phrase safely.
Because the Private key and Mnemonic Phrase hold all information like ID/password for the server.
Again HD Wallet
Let’s go back to HD Wallet. HD wallet was mentioned at BIP-032 for the first time.
RECENT CHANGES: (16 Apr 2013) Added private derivation for i ≥ 0x80000000 (less risk of parent private key leakage) (30…
What if clients are trading some data with other clients?
Before the server receives from client A and client B should send a request to get data to the server. But it duplicates the same process and not efficient.
Client A <=> Server <=> Client B
Therefore, clients needed a direct way to transfer, and it got developed in the way that the client is the server and the client at the same time.
Hierarchical Deterministic wallet, is a new-age digital wallet that automatically generates a hierarchical tree-like structure of private/public addresses (or keys), thereby addressing the problem of the user having to generate them on their own.
GBT Protocol’s first product, Planet Wallet is just launched.
Planet Wallet is a decentralized wallet, so you can manage your digital assets more subjectively!
If you are interested in Planet wallet, please refer to the link below.
✔️ IOS download link: https://apps.apple.com/kr/app/planetwallet/id1475617245
✔️ Android download link: https://play.google.com/store/apps/details?id=io.grabity.planetwallet
homepage : https://planetwallet.io/
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