How to set up Ethereum mnemonics
just like bitcoin, Ethereum is neither controlled nor owned by anyone - it is an open source project created by many people around the world. Different from bitcoin protocol, Ethereum's design is very flexible and adaptable. It is very easy to create new applications on the Ethereum platform. With the release of homestead, anyone can use the applications on this platform safely
Ethereum is a programmable blockchain. It does not give users a series of preset operations, but allows users to create complex operations according to their own wishes. In this way, it can be used as a platform for many types of decentralized blockchain applications
in a narrow sense, Ethereum refers to a series of protocols that define a decentralized application platform. The core of Ethereum is Ethereum virtual machine (EVM), which can encode any complex algorithm. In computer science terminology, Ethereum is "Turing complete.". Developers can use the existing JavaScript and python as the model of other friendly programming languages to create applications running on the Ethereum simulator.
warm tips: the above explanations are for reference only, without any suggestions. There are risks in entering the market, so investment should be cautious. Before making any investment, you should make sure that you fully understand the nature of the investment and the risks involved in the proct. After a detailed understanding and careful evaluation of the proct, you can judge whether to participate in the transaction
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what is Ethereum:
Ethereum is an innovation based on the application of technologies and concepts in bitcoin to computers. Ethereum itself imitates a lot of bitcoin technology to maintain the computer platform. Blockchain technology is one of them
Ethereum platform can safely run any program users want
advantages of Ethereum over other competitive currencies before Ethereum appeared, some digital currencies imitated bitcoin. However, these projects have their own shortcomings, they can only support one or several specific applications at the same time< However, the reason why Ethereum can surpass the limitations of these projects in the past is because of the core idea of Ethereum
what Ethereum wants to implement is a blockchain protocol with built-in programming language. Since it supports programming language, in theory, any blockchain application can be defined with this language, and then run on Ethereum's blockchain protocol as an application
The design of Ethereum is very flexible and adaptable
Ethereum target sets the advantages of blockchain technology, in order to add the advantages of blockchain, such as decentralization, openness and security, to almost all computing fields
blockchain applications of Ethereum
Ethereum has many blockchain applications, such as digital applications of gold and stocks, financial derivatives applications, DNS and digital authentication, etc
Ethereum has achieved more than 100 blockchain applications by many start-ups
Ethereum has also been closely watched by some financial institutions, banking consortia (such as R3), as well as large companies like Samsung, Deloitte, RWE and IBM. As a result, a number of blockchain applications such as simplified and automated financial transactions, merchant loyalty index tracking, and gift cards designed to achieve decentralization of electronic transactions have emerged
the relationship between Ethereum and blockchain:
Ethereum is a programmable blockchain
Ethereum does not give users a series of preset operations (such as bitcoin transaction), but allows users to create complex operations according to their own wishes
in this way, Ethereum can be used as a platform for various types of decentralized blockchain applications, including but not limited to cryptocurrency
like other blockchains, Ethereum also has a peer-to-peer network protocol. Ethereum blockchain database is maintained and updated by many nodes connected to the network. Each network node runs the Ethereum simulator and executes the same instructions. Therefore, people sometimes call Ethereum "world computer"
the number of atoms in the universe is between the 78th power of 10 and the 82nd power of 10. That is to say, 24 words are randomly selected from 2048 words in bip39 thesaurus for permutation and combination, and the magnitude of the answer is similar to the number of atoms in the universe
if we want to get a mnemonic word of bitcoin wallet from these 2048 words, the probability is about 677 billion divided by 1 * 10 to the 78th power, and the result is 6.77e to the - 70th power. This is a very small number. Therefore, the probability of getting a bitcoin wallet from 2048 words is very, very low, let alone from Nakamoto's wallet
of course, we don't rule out the element of luck, in case you hit the mnemonic word of Nakamoto's wallet. Then you can really get instant wealth and freedom, and more importantly, you can cheat people that you are Nakamoto. So, as long as you have perseverance and courage, you can have a try. After all, there is a very good saying: there should be dreams, in case of hell.
The digital currency wallet is the hardware wallet, which means that the private key of digital assets is stored in a single chip, isolated from the Internet, plug and play. Hardware wallet can't guarantee 100% security. For example, if a geek gets your hardware wallet and doesn't know your private key, it may be cracked by violence. It's just one of the safest storage methods compared to other storage methods
many block chain entrepreneurs at home and abroad are optimistic about the development of this field, so they begin to build more hardware wallets. In the case of the exchange being stolen a lot of money and the software wallet being stolen from time to time, many investors regard the hardware wallet as the last moat
extended information:
whether the hardware wallet is safe
the hardware wallet can not guarantee 100% security. For example, if a geek obtains your hardware wallet, it may be cracked violently even if it doesn't know your hardware wallet immediately. It's just one of the safest storage methods compared to other storage methods
of course, there are exceptions, such as you have unlimited brain power and never forget. It's better to save it anywhere than in your own mind
transfer eth, as long as there is an address, you can transfer it out
mnemonic words are things that you can help to find when you forget your key, not related to money collection.
blockchain is not only about issuing money, but also can be applied in many places. The biggest feature of blockchain is decentralization. General Internet procts are centralized, and blockchain can use decentralization to solve the trust problem between each node. Because in the blockchain, information is traceable and cannot be tampered with
now there are many blockchain landing projects. You can properly understand that it is not a simple coin issuing thing, nor a deceptive project.
the key and address are the bank card number and password in the blockchain world
the essence of wallet is to save the key, that is, to save the bank card and password
Why do you need wallet to save the password? Unlike the bank card password, the password of blockchain currency is a string of 256 bits of binary numbers without any meaning
there are several terms of Ethereum wallet that must be deeply understood, otherwise it may cause the loss of blockchain assets. These terms are address, password, private key, mnemonic and keystore. Taking bank account as an analogy, the corresponding contents of these five words are as follows:
address = bank card number
password = bank card password
private key = bank card number + bank card password
mnemonics = bank card number + bank card password
keysore + password = bank card number + bank card password
keysore ≠ bank card number
if you forget your wallet information, What are the consequences? There are several situations:
(1) if you forget the address, you can use the private key, mnemonic words and keystore + password to import the wallet to retrieve it
(2) if you forget the password, you can use the private key and mnemonic words to import the wallet to reset the password
(3) if the password is forgotten and the private key and mnemonic words are not backed up, the password cannot be reset and the token cannot be transferred, which is tantamount to losing control of the wallet
(4) if you forget the password, the keystore will lose its function
(5) if you forget the private key, you can export the private key as long as your wallet is not deleted and your password is not forgotten
you can use mnemonic words,
(7) if you forget mnemonic words, you can import wallet to backup mnemonic words through private key and keystore + password
(8) if you forget the keystore, as long as your wallet is not deleted and your password is not forgotten, you can back up the keystore again
mnemonics,
it can be seen from the above that as long as there is a message in "private key, mnemonics, keysore + password", the wallet is there. Therefore, a good backup of "private key, mnemonics, keysore + password" is the most critical
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