![]() ![]() Start the wallet software in offline mode to create the parent private and public keys. (Offline) Disable all network connections on a device and install the wallet software. If this is the case, it is usually up to the user to handle all data transfer using removable media such as USB drives. The offline wallet is so named because it is intended to be run on a device which does not connect to any network, greatly reducing the number of attack vectors. Several full-service wallets programs will also operate as two separate wallets: one program instance acting as a signing-only wallet (often called an “offline wallet”) and the other program instance acting as the networked wallet (often called an “online wallet” or “watching-only wallet”). The following subsections describe the two most common variants of signing-only wallets: offline wallets and hardware wallets. The networked wallet then broadcasts the signed transactions to the peer-to-peer network. Often, users are given a chance to review the unsigned transactions’ details (particularly the output details) using the signing-only wallet.Īfter the optional review step, the signing-only wallet uses the parent private key to derive the appropriate child private keys and signs the transactions, giving the signed transactions back to the networked wallet. The networked wallet uses the parent public key to derive child public keys, optionally helps distribute them, monitors for outputs spent to those public keys, creates unsigned transactions spending those outputs, and transfers the unsigned transactions to the signing-only wallet. When first run, the signing-only wallet creates a parent private key and transfers the corresponding parent public key to the networked wallet. ![]() In many cases, P2PKH or P2SH hashes will be distributed instead of public keys, with the actual public keys only being distributed when the outputs they control are spent. Note: we speak about distributing public keys generically. In the subsections below, we will describe common combinations of these parts. This leaves us with three necessary, but separable, parts of a wallet system: a public key distribution program, a signing program, and a networked program. However, the programs which distribute public keys or sign transactions don’t need to interact with the peer-to-peer network themselves. Wallet programs also need to interact with the peer-to-peer network to get information from the block chain and to broadcast new transactions. Two wallet programs can work together, one program distributing public keys in order to receive satoshis and another program signing transactions spending those satoshis. Permitting receiving and spending of satoshis is the only essential feature of wallet software-but a particular wallet program doesn’t need to do both things. ![]()
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