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myarbrough@oreilly.com 2014-11-05 08:54:12 -08:00
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@ -29,6 +29,7 @@ When spending bitcoins, the current bitcoin owner presents her public key and a
In most wallet implementations, the private and public keys are stored together as a _key pair_ for convenience. However, the public key can be calculated from the private key, so storing only the private key is also possible.
====
[[private_public_keys]]
==== Private and Public Keys
A bitcoin wallet contains a collection of key pairs, each consisting of a private key and a public key. The private key (k) is a number, usually picked at random. From the private key, we use elliptic curve multiplication, a one-way cryptographic function, to generate a public key (K). From the public key (K), we use a one-way cryptographic hash function to generate a bitcoin address (A). In this section we will start with generating the private key, look at the elliptic curve math that is used to turn that into a public key, and finally, generate a bitcoin address from the public key. The relationship between private key, public key, and bitcoin address is shown in <<k_to_K_to_A>>.
@ -546,7 +547,7 @@ Another method for making keys is _deterministic key generation_. Here you deriv
[TIP]
====
Wallets contain keys, not coins. The coins are stored on the blockchain in the form of transaction-outputs (often noted as _vout_ or _txout_). Each user has a wallet containing keys. Wallets are really keychains containing pairs of private/public keys (see XREF-public_key]). Users sign transactions with the keys, thereby proving they own the transaction outputs (their coins).
Wallets contain keys, not coins. The coins are stored on the blockchain in the form of transaction-outputs (often noted as _vout_ or _txout_). Each user has a wallet containing keys. Wallets are really keychains containing pairs of private/public keys (see <<private_public_keys>>). Users sign transactions with the keys, thereby proving they own the transaction outputs (their coins).
====
[[random_wallet]]