How can we rebuild a new wallet using this seed or a private key? Please explain me, I am still learning all these.
You can rebuild it by importing that seed or the private key in the specific cryptocurrency wallet e.g for Bitcoin ; Bitcoin core wallet for PC and Mycelium wallet for mobile. 
Topic: What is Deterministic wallet? How can I make multiple addresses point to one wal - page 2. (Read 556 times)
June 13, 2019, 05:11:09 AM
June 13, 2019, 04:59:01 AM
How can we rebuild a new wallet using this seed or a private key? Please explain me, I am still learning all these.
Read my answer:
[...]
It basically is a mathematical formula with the seed and the counter (index, number of priv key) as the input, and you get the private key (and therefore also the derived public key and address) as output.
MagicFormula (seed, index) -> private key from index X -> public key from index X -> address from index X
It basically is a mathematical formula with the seed and the counter (index, number of priv key) as the input, and you get the private key (and therefore also the derived public key and address) as output.
MagicFormula (seed, index) -> private key from index X -> public key from index X -> address from index X
If you want a more detailed (technical) explanation, read the BIPs on Github:
1) Mnemonic code: https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki
2) Key derivation: https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki
June 13, 2019, 04:40:24 AM
You seems a little confused about what a wallet actually is. A wallet is essentially a container for holding one or more private keys (and therefore, one or more addresses).
Even non-deterministic wallets (for instance, the old MultiBit "classic" wallet) can hold multiple private keys and therefore contain multiple addresses. The advantage of a "deterministic" wallet is that all the private keys are generated in a chain from a single starting point (aka "the seed") in a repeatable way... such that if you have the seed, you can completely rebuild the wallet.
Non-deterministic wallets just generated private keys randomly... so if you lost the wallet, there was no way to be able to rebuild it.
To answer you question regarding multiple addresses, if a wallet contains multiple private keys and therefore multiple addresses... you can send coins to any of the addresses that are controlled by that wallet and they will be displayed in the wallet balance... and will be able to be spent by that wallet.
Even non-deterministic wallets (for instance, the old MultiBit "classic" wallet) can hold multiple private keys and therefore contain multiple addresses. The advantage of a "deterministic" wallet is that all the private keys are generated in a chain from a single starting point (aka "the seed") in a repeatable way... such that if you have the seed, you can completely rebuild the wallet.
Non-deterministic wallets just generated private keys randomly... so if you lost the wallet, there was no way to be able to rebuild it.
To answer you question regarding multiple addresses, if a wallet contains multiple private keys and therefore multiple addresses... you can send coins to any of the addresses that are controlled by that wallet and they will be displayed in the wallet balance... and will be able to be spent by that wallet.
Thanks for the detailed explanation. I understood that a wallet contains multiple private keys and multiple addresses. The private keys are generated from a single seed. How can we rebuild a new wallet using this seed or a private key? Please explain me, I am still learning all these.
June 12, 2019, 04:11:50 AM
You seems a little confused about what a wallet actually is. A wallet is essentially a container for holding one or more private keys (and therefore, one or more addresses).
Even non-deterministic wallets (for instance, the old MultiBit "classic" wallet) can hold multiple private keys and therefore contain multiple addresses. The advantage of a "deterministic" wallet is that all the private keys are generated in a chain from a single starting point (aka "the seed") in a repeatable way... such that if you have the seed, you can completely rebuild the wallet.
Non-deterministic wallets just generated private keys randomly... so if you lost the wallet, there was no way to be able to rebuild it.
To answer you question regarding multiple addresses, if a wallet contains multiple private keys and therefore multiple addresses... you can send coins to any of the addresses that are controlled by that wallet and they will be displayed in the wallet balance... and will be able to be spent by that wallet.
Even non-deterministic wallets (for instance, the old MultiBit "classic" wallet) can hold multiple private keys and therefore contain multiple addresses. The advantage of a "deterministic" wallet is that all the private keys are generated in a chain from a single starting point (aka "the seed") in a repeatable way... such that if you have the seed, you can completely rebuild the wallet.
Non-deterministic wallets just generated private keys randomly... so if you lost the wallet, there was no way to be able to rebuild it.
To answer you question regarding multiple addresses, if a wallet contains multiple private keys and therefore multiple addresses... you can send coins to any of the addresses that are controlled by that wallet and they will be displayed in the wallet balance... and will be able to be spent by that wallet.
June 12, 2019, 04:05:38 AM
First, you need to understand what a 'wallet' is.
A wallet basically is just a piece of software which manages your private-/public- keypairs.
A deterministic wallet says HOW it generates these keys.
Non-deterministic wallets generate random private keys and store them in a file.
Hierarchical deterministic wallets on the other hand have a long random number (a seed), which is mostly encoded into 12/24 words for easier backups.
All private keys are generated from this one seed.
It basically is a mathematical formula with the seed and the counter (index, number of priv key) as the input, and you get the private key (and therefore also the derived public key and address) as output.
MagicFormula (seed, index) -> private key from index X -> public key from index X -> address from index X
A wallet basically is just a piece of software which manages your private-/public- keypairs.
A deterministic wallet says HOW it generates these keys.
Non-deterministic wallets generate random private keys and store them in a file.
Hierarchical deterministic wallets on the other hand have a long random number (a seed), which is mostly encoded into 12/24 words for easier backups.
All private keys are generated from this one seed.
It basically is a mathematical formula with the seed and the counter (index, number of priv key) as the input, and you get the private key (and therefore also the derived public key and address) as output.
MagicFormula (seed, index) -> private key from index X -> public key from index X -> address from index X
June 12, 2019, 03:56:08 AM
I was reading that Deterministic wallet can be used for creating multiple addresses to use for each transaction that is pointing to one single wallet.
- How this wallet can be used for generating multiple addresses? How it works?
- Is this the only method that can be used or any other method where I can use 1 wallet for multiple addresses?
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