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The reason is that blockchain addresses are the result of a mathematical operation.įree Trial The Public Key: Where the Blockchain Address Generation beginsĪfter Pay to IP had been abandoned in Bitcoin, P2PKH became the new standard format for bitcoin addresses. Every blockchain address possible already existed, long before a wallet found it. However, while SWIFT or IBAN numbers are assigned by central authorities like banks, blockchain addresses exist. The address is nothing but a secure identifier. Usually, a private key, to exclusively access the funds. The only thing matters are that the address serves its purpose – to enable payments to an entity which has a unique information. The address itself doesn’t matter, nor does its format. It is just a placeholder to accept and send blockchain transactions. But it demonstrates what an address is: It is not something special or something set in stone. This anecdote of Bitcoin’s early days seems to have mostly historic values. However, after the Bitcoin developers realized that this way of sending coins could be subject to serious man- in-the-middle-attacks, the option was disabled and did never come back. This was planned to be a convenient method to use Bitcoins without dealing with unhandy public keys and addresses. In the early days of Bitcoin, it was possible to send payments to an IP-address like 104.25.248.32 (which is ). What Are Addresses on Blockchains? Blockchain Address 101
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STEEM – where your username is your address.Creating the Bitcoin Blockchain address.The Public Key: Where the Blockchain Address Generation begins.What Are Addresses on Blockchains? Blockchain Address 101.