Bitcoin, Explained 64: HD Wallets, Mnemonic codes and SeedQR
In this episode of Bitcoin, Explained, hosts Aaron van Wirdum and Sjors Provoost discuss Hierarchical Deterministic (HD) Wallets, mnemonic codes, and — especially — the new SeedQR format which allows users to store their mnemonic codes as QR codes.
Aaron and Sjors start the episode by recapping what HD Wallets (also known as private key seeds) are, and why they are preferred over regular private key backups. Next, they briefly explain why mnemonic codes (also known as seed phrases) are a popular solution for encoding and storing private key seeds.
The Bitcoin, Explained hosts then go on to discuss SeedQR. SeedQR is a new format that allows Bitcoin users to encode and store their mnemonic code as a QR code. This means that mnemonic codes can be stored in a computer-readable format; any compatible device (like a hardware wallet with a camera) should be able to scan the QR code, and import all associated private keys.
This could be useful for backups. but it could also be used so that wallets (including hardware wallets, but also mobile or desktop wallets) no longer have to store private keys at all. The QR code could be scanned when the wallet is used to send a transaction, after which the private keys could be forgotten by the device altogether. (SeedSigner is an open source, do-it-yourself hardware wallet that does exactly this.)
Finally, Sjors goes over some of the intricacies of formatting a seed phrase to fit in a compact QR code, and some of the efficiency gains SeedQR uses to accomplish this.
Lower your time preference and lock-in your BITCOIN 2023 conference tickets today! Use the code BMLIVE for a 10% Discount!
https://b.tc/conference/2023
Use promocode: BMLIVE for 10% off everything in our store!
https://store.bitcoinmagazine.com/
#BitcoinExplained #BitcoinPrice #BitcoinCore #BitcoinMagazine #journalism #bitcoinnews
-
30:39
Bitcoin Magazine
1 month agoEdward Snowden Bitcoin 2024 Keynote Speech
3.37K9 -
1:52:55
The Quartering
5 hours agoKamala Harris INSULTS Hurricane Victims, Styx Update! Woke Disney Actress Meltdown, Meme Law Fails!!
102K76 -
4:10:33
Drew Hernandez
8 hours agoTRUMP RALLY MICHIGAN, KAMALA'S WOMAN ABUSER & HURRICANE VICTIMS SCREWED BY FEDS
41.9K15 -
53:23
Josh Pate's College Football Show
5 hours agoUPDATED Conference & CFP Predictions | Week 6 Upset Alerts | Kirby Smart’s Test | Cole Cubelic Joins
26.5K -
2:03:29
Revenge of the Cis
4 hours agoEpisode 1385: The Boys Are Back
28.1K4 -
1:11:47
Russell Brand
7 hours agoMASSIVE VOTING SCANDAL IN ARIZONA! 218,000 Voters Non-Proof Of Citizenship - ELECTION FRAUD?! SF466
186K400 -
1:29:18
vivafrei
7 hours agoHurricane Helene Fallout: Kamala Harris Loves Foreign War & Illegal Aliens More Than Americans!
91.2K103 -
14:05
Silver Dragons
5 hours agoI Tried to Sell the World's SMALLEST Gold Coin to a Coin Shop
39K4 -
1:19:18
The New American
5 hours agoThe New American Daily | Lawfare Against Trump Resumes
29.3K4 -
1:22:10
TheAlecLaceShow
8 hours agoGuest: Kevin Sorbo Trump Blasts DOJ | Hurricane Victims Get The Maui Treatment | The Alec Lace Show
47.8K20