Address or Wallet Address is the entry point of receiving deposits and holding assets for an individual or businesses. Each address is uniquely derived and generated base on the derivation scheme of the assets you added to your wallet.
Bitpowr utilizes BIP44 Multi HD Wallet derivation scheme making it possible to generate unlimited wallets and addresses. With the Bip44 algorithm, we are able to generate up to 2^31 addresses from a seed in a very secure and convenient manner. You can read more on BIP44 here.
Bitpowr currently support both ECDSA and ED25519 cryptographic primitives for key generation on our MPC Vault.
Each address on Bitpowr can associated by the following components:
- Public Key: public address to be given to the user
- Derivation Index: index of the generated address
- Address Type: this can either be EOA or Contract Address for EVM chains or Legacy, Segwit and WrappedSegwit for UTXO
- Network: network the address was generated on. Address can be different base on the network. This is usually determined by your API key or environment.
- Chain: The blockchain the address was generated on
- Asset Type: The token the address generated for. E.g BTC, USDT
- Customer ID: The associated customer object. A way to attach addresses to customers object on Bitpowr
- Sub Account ID : The sub account the address is generated for
- Change Address: An address partially monitored and only used as change address in UTXO transactions for returning remaining balance.
Updated 3 months ago