Ethereum: How is a NXT account address generated? Why do we need to send out a transaction in NXT to secure the address?

Understanding Ethereum’s account and the transaction with NXT

As a growing community of cryptocurrency enthusiasts, we are excited to present it to the world of Blockchain and NXT (N) technology. In this article, we will deepen how the Ethereum account addresses are generated and why the sending of transactions in the NXT requires caution.

Ethereum account address generation

In the Ethereum network, an account address is an exclusive identifier used to identify a user’s wallet. Each address has a specific length, usually between 42 and 54 characters, including the domain name (for example, “exempli.com”). The first two or three characters are reserved for the network, while the remaining characters are used as the recipient’s Ethereum account.

Here is an example of an Ethereum account address:

`

0x1234567890abcdef

`

In this format:

• 0x indicates that it is a hexadecimal string.

• The letters represent the first three characters, reserved for network purposes.

• 1,2 and `3 ‘are used to indicate the last nine characters.

** Why send transactions to NXT?

When you send a transaction from your NXT account, you send it to an unknown reputant. This is because the sender’s account address is not publicly displayed on blockchain. In fact, the entire Ethereum network does not have direct access to a user’s account information. This is a security feature designed to avoid possible fraud and malicious activities.

Here is what happens behind the scenes:

• When you create an NXT wallet, it generates a public address (also known as the “seed sentence” or “mnemonic”).

• The recipient’s public address is generated based on your seed sentence, which is stored in secret in your NXT wallet.

• To send a transaction from your NXT account, you need to use the recipient’s public address. However, as this address is unknown at the time of shipping, you will need to “sign” the transaction using your own private key.

** Why can’t you simply use your public address?

There are serious reasons why you can simply use your public account address NXT:

* SECURITY : By Not Being Directly Linked to User’s Ethereum Account Information, You’re Protecting Against Potential Phishing or Identity Theft Attacks.

* Consensus mechanism

: The Ethereum network has a consensus mechanism (work proof) to validate transactions. Without direct access to the sender’s account information, the network cannot verify that the transaction is legitimate. When using your public address and sign the transaction with your private key, you are ensuring that the transaction is valid.

* Private keys : Your private key is stored in secret in your NXT wallet and is used to sign transactions on behalf of the recipient.

Conclusion

In short, Ethereum’s account addresses are generated based on a user or mnemonic section phrase, which is then linked to their public address. To Send a Transaction Out Of An NXT Account, You Need to “Sign” The Transaction Using Your Private Key, Which Teach that the Transaction is Valid and Secure. By Understanding How Ethereum Account Addresses Work and Why Sending Transactions In NXT Requires Caution, You Can Better Navigate The World of Cryptocurrency and Enjoy the Benefits of This Exciting Technology.

As we continue to learn and grow as a community, remember to remain informed about best practices to use NXT and other responsibility cryptocurrencies.

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