How is address recognized between wallets

1

Lets assume I create a wallet in Jaxx and Bittrex for ETH token which in turn creates public & private key pair. I am able to transfer coins between different wallets.

How is the address generated by Jaxx recognized by Bittrex wallet ? Is it because the underlying process of (PGP) generation of public key is same ?

How different is this process from PGP ?

user2526236

Posted 2017-11-05T17:18:49.623

Reputation: 111

Answers

1

Addresses are a standard encoding of data used by Bitcoin and other altcoins. When you enter an address into a wallet, it will decode it in the specific way that all wallets know to decode an address.

How different is this process from PGP ?

PGP has nothing to do with Bitcoin (or cryptocurrencies) at all whatsoever.

Andrew Chow

Posted 2017-11-05T17:18:49.623

Reputation: 40 910

Will all the wallets use the same decoding schema for a coin like for example ETH. How would a wallet know. Are there any chances of collision ? – user2526236 – 2017-11-06T13:47:03.127

Presumably yes, they use the same encoding. A wallet would not know whether the same encoding is used; they just assume that it is and decode things as such. If it is not the same encoding, then the decoding will likely fail. – Andrew Chow – 2017-11-06T15:32:55.753

Asked: 2017-11-05T17:18:49.623

Viewed: 140 times

Active: 2019-01-06T18:01:30.280