Cryptocurrency wallet

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An example paper printable bitcoin wallet consisting of one bitcoin address for receiving and the corresponding private key for spending A paper printable Bitcoin wallet consisting of one bitcoin address for receiving and the corresponding private key for spending.png
An example paper printable bitcoin wallet consisting of one bitcoin address for receiving and the corresponding private key for spending

A cryptocurrency wallet is a device, [1] physical medium, [2] program or an online service which stores the public and/or private keys [3] for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. [4] Signing can for example result in executing a smart contract, a cryptocurrency transaction (see "bitcoin transaction" image), identification, or legally signing a 'document' (see "application form" image). [5]

Contents

History

In 2008 bitcoin was introduced as the first cryptocurrency following the principle outlined by Satoshi Nakamoto in the paper “Bitcoin: A Peer-to-Peer Electronic Cash System.” [6] The project was described as an electronic payment system using cryptographic proof instead of trust. It also mentioned using cryptographic proof to verify and record transactions on a blockchain. [7] [8]

Software wallets

The first wallet program, simply named Bitcoin, and sometimes referred to as the Satoshi client, was released in January 2009 by Satoshi Nakamoto as open-source software. [9] In version 0.5 the client moved from the wxWidgets user interface toolkit to Qt, and the whole bundle was referred to as Bitcoin-Qt. [10] After the release of version 0.9, the software bundle was renamed Bitcoin Core to distinguish itself from the underlying network. [11] [12] Bitcoin Core is, perhaps, the best known implementation or client. Forks of Bitcoin Core exist, such as Bitcoin XT, Bitcoin Unlimited, [13] and Parity Bitcoin. [14]

There are several modes in which wallets can operate. They have an inverse relationship with regard to trustlessness and computational requirements. [15]

Third-party internet services called online wallets or webwallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware. [19] As a result, the user must have complete trust in the online wallet provider. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such a security breach occurred with Mt. Gox in 2011. [20]

Cold storage

Bitcoin paper wallet generated at bitaddress.jpg
A paper wallet with a banknote-like design. Both the private key and the address are visible in text form and as 2D barcodes.
Sample Bitcoin paper wallet.png
A paper wallet with the address visible for adding or checking stored funds. The part of the page containing the private key is folded over and sealed.
Casascius coin.jpg
A brass token with a private key hidden beneath a tamper-evident security hologram. A part of the address is visible through a transparent part of the hologram.
10elqpi.jpg
A hardware wallet peripheral which processes bitcoin payments without exposing any credentials to the computer

Wallet software is targeted by hackers because of the lucrative potential for stealing bitcoins. [21] "Cold storage" simply means keeping the private keys out of reach of hackers by storing or generating them on a device that is not connected to the internet. [22] [17] : ch. 4  [23] : 39  The credentials necessary to spend bitcoins can be stored offline in a number of different ways, from simple paper printouts of private keys, to specialized hardware wallets. [17] : ch. 10 

Paper wallets

A paper wallet is created with a keypair generated on a computer with no internet connection; the private key is written or printed onto the paper and then erased from the computer. [17] : ch. 4  The paper wallet can then be stored in a safe physical location for later retrieval. [23] : 39 

Physical wallets can also take the form of metal token coins [24] with a private key accessible under a security hologram in a recess struck on the reverse side. [25] : 38  The security hologram self-destructs when removed from the token, showing that the private key has been accessed. [26] Originally, these tokens were struck in brass and other base metals, but later used precious metals as bitcoin grew in value and popularity. [25] : 80  Coins with stored face value as high as ₿1,000 have been struck in gold. [25] : 102–104  The British Museum's coin collection includes four specimens from the earliest series [25] : 83  of funded bitcoin tokens; one is currently on display in the museum's money gallery. [27] In 2013, a Utah manufacturer of these tokens was ordered by the Financial Crimes Enforcement Network (FinCEN) to register as a money services business before producing any more funded bitcoin tokens. [24] [25] : 80 

Hardware wallets

A hardware wallet is a small and portable computer peripheral that signs transactions as requested by the user. These devices store private keys and carry out signing and encryption internally, [22] and do not share any sensitive information with the host computer except already signed (and thus unalterable) transactions. [28] Because hardware wallets never expose their private keys, even computers that may be compromised by malware do not have a vector to access or steal them. [23] : 42–45 The user sets a passcode when setting up a hardware wallet. [22] As hardware wallets are tamper-resistant, [28] [17] : ch. 10  without the passcode the assets cannot be accessed. [28]

Technology

Private and public key generation

A cryptocurrency wallet works by a theoretical or random number being generated and used with a length that depends on the algorithm size of the cryptocurrency's technology requirements. The number is converted to a private key using the specific requirements of the cryptocurrency cryptography algorithm requirement. A public key is then generated from the private key using whichever cryptographic algorithm is required. The private key is used by the owner to access and send cryptocurrency and is private to the owner, whereas the public key is to be shared to any third party to receive cryptocurrency. [29]

Up to this stage no computer or electronic device is required and all key pairs can be mathematically derived and written down by hand. The private key and public key pair (known as an address) are not known by the blockchain or anyone else. The blockchain will only record the transaction of the public address when cryptocurrency is sent to it, thus recording in the blockchain ledger the transaction of the public address. [4]

Duplicate private keys

Collision (two or more wallets having the same private key) is theoretically possible, since keys can be generated without being used for transactions, and are therefore offline until recorded in the blockchain ledger. However, this possibility is effectively negated because the theoretical probability of two or more private keys being the same is extremely low. The number of possible wallets and thus private keys is extremely high, [4] [30] [31] so duplicating or hacking a certain key would be inconceivable. [32] [33]

Seed phrases

In modern convention a seed phrase is now utilised which is a random 12 to 24 (or even greater) list of dictionary words which is an unencrypted form of the private key. (Words are easier to memorize than numerals). When online, exchange and hardware wallets are generated using random numbers, and the user is asked to supply a seed phrase. If the wallet is misplaced, damaged or compromised, the seed phrase can be used to re-access the wallet and associated keys and cryptocurrency in toto. [34]

Wallets

A number of technologies known as wallets exist that store the key value pair of private and public key known as wallets. A wallet hosts the details of the key pair making cryptocurrency transactions possible. Multiple methods exist for storing keys or seeds in a wallet. [35]

A brainwallet or brain wallet is a type of wallet in which one memorizes a passcode (a private key or seed phrase). [36] [37] Brainwallets may be attractive due to plausible deniability or protection against governmental seizure, [38] but are vulnerable to password guessing (especially large-scale offline guessing). [36] [38] Several hundred brainwallets exist on the Bitcoin blockchain, but most of them have been drained, sometimes repeatedly. [36]

Crypto wallets vis-à-vis DApp browsers

DApp browsers are specialized software that supports decentralized applications. DApp browsers are considered to be the browsers of Web3 and are the gateway to access the decentralized applications which are based on blockchain technology. That means all DApp browsers must have a unique code system to unify all the different codes of the DApps. [39]

While crypto wallets are focused on the exchange, purchase, sale of digital assets and support narrowly targeted applications, the browsers support different kinds of applications of various formats, including exchange, games, NFTs marketplaces, etc.

Characteristics

In addition to the basic function of storing the keys, a cryptocurrency wallet may also have one or more of the following characteristics.

Simple cryptocurrency wallet

An actual bitcoin transaction from a web based cryptocurrency exchange to a hardware cryptocurrency wallet An actual Bitcoin transaction from the Kraken cryptocurrency exchange to a hardware LedgerWallet.jpg
An actual bitcoin transaction from a web based cryptocurrency exchange to a hardware cryptocurrency wallet

A simple cryptocurrency wallet contains pairs of public and private cryptographic keys. The keys can be used to track ownership, receipt or spend cryptocurrencies. [40] A public key allows others to make payments to the address derived from it, whereas a private key enables the spending of cryptocurrency from that address. [41]

The cryptocurrency itself is not in the wallet. In the case of bitcoin and cryptocurrencies derived from it, the cryptocurrency is decentrally stored and maintained in a publicly available distributed ledger called the blockchain . [40]

Multi-chain cryptocurrency wallet

Multi-chain wallets are designed to support multiple blockchain networks, enabling users to store, manage, and transact different types of cryptocurrencies from a single interface. Unlike single-chain wallets, which are limited to a specific blockchain, multi-chain wallets provide a unified experience for handling various assets. These wallets enhance convenience and security by reducing the need for multiple wallet applications and providing integrated features for multiple digital assets.

Features of a multi-chain wallet:

Popular multi-chain wallets include Trust Wallet, Klever Wallet and Exodus, each offering unique features and support for multiple blockchains, therefore, hundreds of cryptocurrencies.

eID wallet

Providing an eID and a diploma and digitally signing the 'application form' with a crypto wallet app European Blockchain Services Infrastructure EBSI wallet.jpg
Providing an eID and a diploma and digitally signing the 'application form' with a crypto wallet app

Some wallets are specifically designed to be compatible with a framework. The European Union is creating an eIDAS compatible European Self-Sovereign Identity Framework (ESSIF) which runs on the European Blockchain Services Infrastructure (EBSI). The EBSI wallet is designed to (securely) provide information, an eID and to sign 'transactions'. [5]

Multisignature wallet

In contrast to simple cryptocurrency wallets requiring just one party to sign a transaction, multi-sig wallets require multiple parties to sign a transaction. [42] Multisignature wallets are designed for increased security. [43] Usually, a multisignature algorithm produces a joint signature that is more compact than a collection of distinct signatures from all users. [44]

Smart contract

In the cryptocurrency space, smart contracts are digitally signed in the same way a cryptocurrency transaction is signed. The signing keys are held in a cryptocurrency wallet.

Key derivation

Sequential deterministic wallet

A deterministic wallet seed phrase of a crypto wallet Creating-Atala PRISM-crypto wallet-seed phrase.png
A deterministic wallet seed phrase of a crypto wallet

A sequential deterministic wallet utilizes a simple method of generating addresses from a known starting string or "seed". This would utilize a cryptographic hash function, e.g. SHA-256 (seed + n), where n is an ASCII-coded number that starts from 1 and increments as additional keys are needed. [45]

Hierarchical deterministic wallet

The hierarchical deterministic (HD) wallet was publicly described in BIP32. [46] As a deterministic wallet, it also derives keys from a single master root seed, but instead of having a single "chain" of keypairs, an HD wallet supports multiple key pair chains.

This allows a single key string to be used to generate an entire tree of key pairs with a stratified structure. [47]

BIP39 proposed the use of a set of human-readable words to derive the master private key of a wallet.[ citation needed ] This mnemonic phrase allows for easier wallet backup and recovery, due to all the keys of a wallet being derivable from a single plaintext string.[ how? ]

Non-deterministic wallet

In a non-deterministic wallet, each key is randomly generated on its own accord, and they are not seeded from a common key. Therefore, any backups of the wallet must store each and every single private key used as an address, as well as a buffer of 100 or so future keys that may have already been given out as addresses but not received payments yet. [48] [40] : 94 

Concerns

A wallet can also have known or unknown vulnerabilities. A supply chain attack or side-channel attack are ways of introducing vulnerabilities. In extreme cases even a computer which is not connected to any network can be hacked. [49]

To mitigate the risk of crypto wallet hacking, one can choose for a cold wallet, which remains offline and disconnected from the internet. A cold wallet refers to a physical device, such as a pen drive, that is utilized as a secure storage medium for transferring money from a hot wallet. [50]

Security

When using a merchant site that accepts server-side digital wallets, customers enter their name, payment, and delivery information. Following the purchase, the customer is requested to register for a wallet with a user name and password for future purchases. [51]

Digital wallets can be dedicated to a single cryptocurrency (examples: Bitcoin, Etherium, Ripple, Litecoin), or they can be multi-currency (Coinomi, CoinSpot, CoinVault, Cryptonator multi-cryptocurrency wallet, Exodus, Gatehub, Holy Transaction, Jaxx Wallet, UberPay Wallet, AnCrypto Wallet, Klever Wallet.

Wallets are free for consumers but cost retailers. Wallet sellers may receive a portion of merchant purchases made through their wallets. In other circumstances, digital wallet vendors conduct cardholder-merchant transactions for a set fee. [52]

See also

Related Research Articles

Proof of work (PoW) is a form of cryptographic proof in which one party proves to others that a certain amount of a specific computational effort has been expended. Verifiers can subsequently confirm this expenditure with minimal effort on their part. The concept was first implemented in Hashcash by Moni Naor and Cynthia Dwork in 1993 as a way to deter denial-of-service attacks and other service abuses such as spam on a network by requiring some work from a service requester, usually meaning processing time by a computer. The term "proof of work" was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels. The concept was adapted to digital tokens by Hal Finney in 2004 through the idea of "reusable proof of work" using the 160-bit secure hash algorithm 1 (SHA-1).

<span class="mw-page-title-main">Hardware security module</span> Physical computing device

A hardware security module (HSM) is a physical computing device that safeguards and manages secrets, performs encryption and decryption functions for digital signatures, strong authentication and other cryptographic functions. These modules traditionally come in the form of a plug-in card or an external device that attaches directly to a computer or network server. A hardware security module contains one or more secure cryptoprocessor chips.

<span class="mw-page-title-main">Bitcoin</span> Decentralized digital currency

Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that secures the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact.

<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

<span class="mw-page-title-main">Bitcoin protocol</span> Rules that govern the functioning of Bitcoin

The bitcoin protocol is the set of rules that govern the functioning of bitcoin. Its key components and principles are: a peer-to-peer decentralized network with no central oversight; the blockchain technology, a public ledger that records all bitcoin transactions; mining and proof of work, the process to create new bitcoins and verify transactions; and cryptographic security.

Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.

<span class="mw-page-title-main">Ethereum</span> Open-source blockchain computing platform

Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.

A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

A decentralised application is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system. Like traditional applications, DApps provide some function or utility to its users. However, unlike traditional applications, DApps operate without human intervention and are not owned by any one entity, rather DApps distribute tokens that represent ownership. These tokens are distributed according to a programmed algorithm to the users of the system, diluting ownership and control of the DApp. Without any one entity controlling the system, the application is therefore decentralised.

<span class="mw-page-title-main">Ethereum Classic</span> Blockchain computing platform

Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract (scripting) functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).

<span class="mw-page-title-main">Firo (cryptocurrency)</span> Cryptocurrency

Firo, formerly known as Zcoin, is a cryptocurrency aimed at using cryptography to provide better privacy for its users compared to other cryptocurrencies such as Bitcoin.

<span class="mw-page-title-main">Cardano (blockchain platform)</span> Public blockchain platform

Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.

Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that have been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.

<span class="mw-page-title-main">IOTA (technology)</span> Open-source distributed ledger and cryptocurrency

IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT). It uses a directed acyclic graph to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers. IOTA does not use miners to validate transactions, instead, nodes that issue a new transaction on the network must approve two previous transactions. Transactions can therefore be issued without fees, facilitating microtransactions. The network currently achieves consensus through a coordinator node, operated by the IOTA Foundation. As the coordinator is a single point of failure, the network is currently centralized.

In cryptocurrencies, an unspent transaction output (UTXO) is a distinctive element in a subset of digital currency models. A UTXO represents a certain amount of cryptocurrency that has been authorized by a sender and is available to be spent by a recipient. The utilization of UTXOs in transaction processes is a key feature of many cryptocurrencies, but it primarily characterizes those implementing the UTXO model.

A blockchain is a shared database that records transactions between two parties in an immutable ledger. Blockchain documents and confirms pseudonymous ownership of all transactions in a verifiable and sustainable way. After a transaction is validated and cryptographically verified by other participants or nodes in the network, it is made into a "block" on the blockchain. A block contains information about the time the transaction occurred, previous transactions, and details about the transaction. Once recorded as a block, transactions are ordered chronologically and cannot be altered. This technology rose to popularity after the creation of Bitcoin, the first application of blockchain technology, which has since catalyzed other cryptocurrencies and applications.

Decentralized finance provides financial instruments and services through smart contracts on a programmable, permissionless blockchain. This approach reduces the need for intermediaries such as brokerages, exchanges, or banks. DeFi platforms enable users to lend or borrow funds, speculate on asset price movements using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. The DeFi ecosystem is built on a layered architecture and highly composable building blocks. While some applications offer high interest rates, they carry high risks. Coding errors and hacks are a common challenge in DeFi.

<span class="mw-page-title-main">MetaMask</span> Software cryptocurrency wallet

MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications. MetaMask is developed by Consensys, a blockchain software company focusing on Ethereum-based tools and infrastructure.

The Bitfinex cryptocurrency exchange was hacked in August 2016. 119,756 bitcoin, worth about US$72 million at the time, was stolen.

Colored Coins is an open-source protocol that allows users to represent and manipulate immutable digital resources on top of Bitcoin transactions. They are a class of methods for representing and maintaining real-world assets on the Bitcoin blockchain, which may be used to establish asset ownership. Colored coins are bitcoins with a mark on them that specifies what they may be used for. Colored coins have also been considered a precursor to NFTs.

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  50. ↑ Sigalos, MacKenzie (2022-11-12). "FTX says it's removing trading and withdrawals, moving digital assets to a cold wallet after a $477 million suspected hack". CNBC. Archived from the original on 2022-11-19. Retrieved 2023-12-03.
  51. ↑ Budgar, Laurie (2021-01-04). "What Is a Digital Wallet, and How Does It Work?". Reader's Digest. Archived from the original on 2024-05-18. Retrieved 2024-05-18.
  52. ↑ Vittorio, Andrea. "Virtual Green Cards Offer Path for Digital Wallets' Data Privacy". news.bloomberglaw.com. Archived from the original on 2023-12-03. Retrieved 2023-12-03.
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