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How wallets work in cryptocurrenciesYou can create multiple accounts in a wallet. Each wallet account has 2 keys.
- Private Key – You need to protect this key. Thisi s a 256 bit binary number. There is theoterical possiblity of 2 people generating same private key. It is called as address collision. But it is extremely unlikely because it is a very huge number.
- Public Key – Public key is derived from private key using hashing algorithm. You can create public address using public key. You can share public address with other people. Public address is 160 bit binary number.
Google java library already exists that can be used by developers to create new wallet applications. https://bitcoinj.github.io/working-with-the-wallet
Complex problems, Simple Solutions