Ethhereum transactions and transactions with NXT Understanding
As a growing community of cryptocurrency enthusiasts, we are pleased to present it to blockchain technology and the NXT (n) world. In this article, we will delve into how the Ethereum account addresses are generated and why NXT transmission requires care.
Ethereum account address generation
The Ethereum network account address is an exclusive identifier used to identify the user’s wallet. Each address has a specific length, usually between 42 and 54 characters, which includes domain name (eg, example.com). The first two or three characters are for the network, and the remaining characters are used as the recipient’s Ethereum account.
Here is an example of the Ethereum account address:
`
0x1234567890abcdef
`
In this format:
- 0x shows that this is a hexadecimal line.
- The letters reflect the first three characters intended for network purposes.
- “1”, “2” and “3” are used to specify the last nine characters.
Why is it worth sending NXT operations?
When you send an operation of your NXT account, you send it to an unknown recipient. This is because the sender’s account address is not publicly displayed by blockchain. In fact, the entire Ethereum network does not have direct access to user account information. It is a security function to avoid possible fraud and harmful activities.
Here is what happens behind the scenes:
- When creating an NXT wallet, it creates a public address (also known as the “Seed Phrase” or “Mnemony”).
- The recipient’s public address is generated according to the seed sentence, which is safely stored in its NXT wallet.
- You must use the recipient’s public address to send the operation of your NXT account. However, as this address is unknown at the time of shipment, you will need to “sign” the operation using your personal key.
Why can’t you simply use your public address?
There are several reasons why you cannot simply use your public address on the NXT account:
* Safety
: You were not directly linked to user Ethereum account information, you are protected from possible fraud attacks or identity theft.
* Consensus Mechanism
: The Ethereum network depends on the mechanism (work proof) to confirm operations. Without direct access to the sender’s account information, the network cannot verify that the operation is legal. Using your public address and signing an operation with your private key, you ensure that the operation is correct.
* Private Keys : Your private key is stored safely on the NXT wallet and is used to sign operations on behalf of the recipient.
Conclusion
In conclusion, the Ethereum account addresses are generated based on the user’s seed sentence or mnemonine, which is later linked to their public address. To send an operation of your NXT account, you must “sign” the operation using your private key to ensure the operation is correct and secure. Understanding how the Ethereum account applies to work and why you need to be cautious when sending NXT operations, you can sail better in the cryptocurrency world and take advantage of this exciting technology.
While learning and growing as a community, remember to be informed of best practices related to the use of NXT and other responsibility cryptocurrencies.
