Hello. GBT Protocol communities!
It’s Jeonghyun Choi, Android developer at GBT Protocol.
Let’s start today’s posting.
I guess many people guess I will post another crypto wallet as usual :)
But today I bring a new topic to make you refresh!
The topic is “What is Bitcoin WiF?”
WiF is the abbreviation of Wallet Import Format.
This topic might be a bit more difficult and less interesting to you,
But I will try my best to make it simple and easy.
Moreover, I will show you what WiF is doing in the Blockchain world, also some parts of coding in our development.
Our team is so confident about our work and development.
WiF(Wallet Import Format) is the way of encoding to allow to copy private ECDSA key easily.
When you interpret the full name, Wallet Import Format, it is better to understand.
It is how to connect wallets.
Hmm… isn’t it awkward that we connect wallets?
You might think that ‘then what do I hold now? Do I hold a real wallet like Methamask, or Myetherwallet?’
But what if all data got reset or the app of Methamask or Myetherwallet got deleted by mistakes?
Do the wallets remain? NO, It is not.
That is why it is highly recommended to backup Mnemonic Phrase which is the combination of 12 random words.
What if you don’t back up your Mnemonic phrase?
It is hard to bring back digital assets in your previous wallet.
Therefore, the back up of Mnemonic phrase is mandatory!
To avoid this kind of problem, users back up their Mnemonic phrases.
So what users really hold is their own Mnemonic phrases.
Mnemonic phrases help you can protect your digital assets when you restore your wallets.
WiF is using Mnemonic phrases to connect different wallets.
Do you get the brief concept?
Then, let’s think about one more thing.
Bitcoin and Ethereum are different cryptocurrencies and have different addresses.
But we can find the addresses of Bitcoin and Ethereum by one Mnemonic phrase.
How could we know Bitcoin and Ethereum by one Mnemonic phrase?
In here, WiF is needed more clearly.
As WiF means literally the method to connect wallet, we can see WiF also as the rule when we need to decide which main-net wallet you want to connect with.
Of course, the content and principle of WiF are tremendously complicated and large,
But this time I try to make it easy to understand for non-developers.
I wish everyone could understand.
There might be someone who thinks ‘ok, I understand what is WiF, but what is Bitcoin WiF?’
When we interpret, it is the method to connect Bitcoin wallets.
As you all know, there are Mainnet and Testnet in Bitcoin.
Ethereum is using the same address for Mainnet and Testnet.
On the other hand, Bitcoin has different addresses for Mainnet and Testnet.
I will show the part of codes below.
If you are not developers, then It is a different language for you.
The green letters in the middle are where WiF is implemented which I just explained.
And the last row refers to that we possess the wallet address as a result.
I have tried to ease the content for better understanding.
I will improve my skill to explain for the next postings.
Then thank you so much for reading my posting.
We just released the monthly report for September If you are interested in, please refer to the link below.
Homepage : https://gbtprotocol.com/
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