CryptoURANUS Economics: Alphanumeric: Defined in CryptoCurrency (OptEdit-UnCon Needed)

CryptoCurrencies


Thursday, August 2, 2018

Alphanumeric: Defined in CryptoCurrency (OptEdit-UnCon Needed)

Alphanumeric:
Defined in CryptoCurrency

Alphanumeric is something made up of both letters and numbers.
Alpha- comes from the word “alphabet” and -numeric comes from the word “numerical” meaning relating to numbers.

Bitcoin address on the Main Network is made up of the character '1', concatenated with the base58 of 20 bytes from a ripemd160 hash concatenated with 4 bytes of checksum of alphanumerics.

Since log(220 * 8 + 4 * 8)/log(58) + 1 ~= 33.7, we get the 34 upper bound.

What I don't understand is the 26 character lower bound. If the ripemd160 hash is super low, then the Bitcoin address would be super short. (If the ripemd160 hash is 0, we only have the checksum and the leading '1', which means we could get it down to 11 characters.)

Where does the lower bound of 26 come from?





Bitcoin Address Formats and Protocol

  1. A wallet address, is a string of 26-35 alphanumeric characters it takes to send and receive bitcoin. 
  2. Any bitcoin address can be used to transfer cryptocurrency to any other address on the network, provided sender’s wallet-software/Hardware supports that address type. 
  3. With so many multiple address formats to choose from, and wallet providers and exchanges only supporting certain address types, and it pays to familiarize yourself with the differences if you are going to invest into cryptocurrencies.

Bitcoin Address Formats Need to Know



There multiple versions of the Internet IPv4 and IPv6 Protocol as are multiple bitcoin address formats by example.

These do not conflict with one another via transactions zipping seamlessly across networks between custodial and non-custodial user wallets.

Three Bitcoin Core address formats are to choose from, P2PKH, P2SH, and bech32.

Only a handful of these service providers supporting all of them.

Your preferred wallet and-or exchange does not support at least one of these formats.

The bech32 is most likely to be omitted.

Learning cryptocurrency Pros, and Cons, the quirks of each address format and this will enable your decision by choose a needed bitcoin wallet, and node-server exchange that suites your end-needs.

This enhances a deeper personal knowledge of Bitcoin’s workings, and the trade-offs of each format in terms of security, flexibility, functionality, and best of success via economic gains.

P2PKH or Legacy Address Format

If your bitcoin address starts with the number one (1), you’re using a P2PKH or a legacy address, as example here below.

Example of P2PKH or a legacy address: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.

This was Bitcoin’s original address format and it still works faithfully to this day.

P2PKH, by definition translates into: "Pay-to-Pubkey Hash", or in other translation "pay to a hash of the recipient’s public key".

Legacy addresses are not "segwit compatible".

You can send BTC from a P2PKH address to a segwit address without any problems.

Average fee when sending from a P2PKH address is higher than sending from a segwit address.

This is; because, that legacy address transactions are larger in size costing server-node has-time per/ms.

P2SH Address Format

P2SH addresses is structured similarly to P2PKH.

The P2PKH addresses start with the number three (3), and the P2SH addresses start with the number one (1)

Our P2PKH is exampled here: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.

This P2SH, translation is "pay-to-script-hash".

This enables elaborate functionality than legacy addresses.

The P2SH address, as a script function, is used for multisig addresses that specify multiple digital signatures required to authorize the transaction(s).

Now, P2SH address format is used to enable non-native segwit transactions using a process identified as P2WPKH-in-P2SH.

Users ending and receiving coins doesn’t need to concern themselves with the more complex functionality that the P2SH format.

Primary is that the address type is widely supported and can be used to send funds to both P2PKH and bech32 addresses.

Bech32 Address Format


Bech32 addresses appear different from P2-style addresses.

Address type starts with “bc1” and is longer than a legacy or P2SH address on account of this prefix.

The Bech32 is the native segwit address format.

This, Bech32 address format, is supported by the majority of software and hardware wallets, and a majority of exchanges.

Ledger and Keepkey wallets currently don’t support bech32, for instance, and while most exchanges enable sending funds to bech32 addresses, they don’t enable users to receive them with this format.

At present, less than 1 percent of BTC is stored in bech32 addresses, although this number is increasing slowly.

Bitcoin Cash Address Formats


Bitcoin Cash addresses follow either legacy format, (which starts with a 1), or  Cash Address (Cash Addr) format.

The Cash Address (Cash Addr) format is based on bech32 and starts with ‘q’ or ‘bitcoincash:q’. BCH wallets support both formats, with tools to switch between Cash Addr and legacy formats.

Primary reason for using Cash Addr format is to distinguish BCH from BTC and thereby prevent funds being sent to the wrong address, remember that, OK?.

Ifwallet and Cash Accounts



On the 10th anniversary of the Bitcoin genesis block, Bitcoin Cash (BCH) developer Jonathan Silverblood launched his Cashaccount.info platform.

(Jonathan Silverblood, (Twitter) known as Jack-of-all-trades.
Using payment codes with Cash Accounts gets you an account name that is secure, decentralized and meaningful, effectively solving Zookos trillemma).

This CashAccount.info platform allows users to tether human-readable names to BCH addresses in order to make payments easier.

Now the Chinese BCH light client Ifwallet has become the first public wallet with Cash Accounts sending support.

Bitcoin addresses are long strings of numbers and letters, a format that to some users can be nerve-racking and cumbersome.

The  BCH software programmer Jonathan Silverblood, (YouTube), has been working on a project that helps bypass some of the friction associated with BCH addresses.

He’s created Cashaccount.info, a platform that allows users to register a one-time human-readable name that is tied to a BCH public address.

News.Bitcoin.com tested the application, the day before the official launch on Bitcoin’s 10th birthday.

The platform hashes a name into the BCH blockchain by using an OP return transaction and after the transaction is registered into a block the name will be validated.
Ifwallet becomes the first public BCH wallet to integrate the Cash Accounts system.

When Silverblood first launched the project he also mentioned that he had been reaching out to wallet developers so they could possibly support Cash Accounts in the future.

The Cashaccount.info-website shows the programmer has discussed the idea with Electron Cash, Edge, BRD, Bitcoin.com, Stash, Ledger Wallet and more.

Next, the Cash Accounts founder explained that the Chinese cryptocurrency light client Ifwallet has added support for the name address system within the sending interface.
Johnathan Silverblood giving “Congratulations to Ifwallet for releasing the first public wallet with ash Accounts sending support,” he stated on Thursday.
The developer continued:
When you go to send you can now type in a Cash Accounts name and if they have compatible payment information in them they will show up in a dropdown list.
The Cashaccount.info OP return transaction process.

Ifwallet and Cash Accounts Experimenting


Ifwallet is a cryptocurrency wallet with a focus on bitcoin cash and provides users with a secure asset management tool for token support.

The mobile wallet is backed by investors -i.e. Coinex and is partnered with projects like Johnwick.io, Viabtc, BCH Club, and Wormhole.

Ifwallet also supports the Wormhole project by implementing WHC integration and incorporating the token factory.

The Ifwallet project launched the decentralized applications (dapp) store module and deployed a variety of dapps that can be used with the wallet.
On news.Bitcoin.com tested the Ifwallet application and the client’s speed was similar to using the Japanese Yenom wallet.

The wallet makes you create a six-digit PIN to access the interface but biometric settings like Apple’s Face ID/Touch ID can also be set up.

The wallet doesn’t compel you to back up the wallet’s mnemonic phrase, (A seed phrase, seed recovery phrase or backup seed phrase), immediately and there is a warning message displayed until this part of the process is complete.

I sent 0.00041575 BCH – or a nickel – to the Ifwallet, without realizing there was an identical amount of BSV attached to the BCH. The Ifwallet split the transaction into two and my wallet ended up with 0.00041575 BSV as well.
Sending a nickel’s worth of BCH to “Jamiecrypto#116” using the Ifwallet on iOS. 
After the transaction confirmed, I simply used Silverblood’s directions and sent money to the Cashaccount.info name “Jamiecrypto#116.” The transaction immediately showed a sent transaction to the Cash Accounts name and the process was much simpler than copy and pasting an alphanumeric string to use as an address. Overall the application worked well and if more wallets integrate this feature it would likely make sending and receiving easier for newcomers. However, some people will definitely take issue with reusing addresses and may not find the Cash Accounts payment system compatible with efforts toward financial privacy.
What do you think about Ifwallet implementing Cash Accounts support? Do you think concepts like Cash Accounts is a good idea? Let us know what you think about this subject in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. This editorial is for informational purposes only.

Image credits: Shutterstock, Ifwallet, Bitcoin.com’s Block Explorer, and Cashaccount.info.

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