Bitcoin Addresses

Overview

A Bitcoin address is a unique identifier that represents a destination for Bitcoin transactions. Each address is derived from a public key using cryptographic hash functions, providing a shorter and more user-friendly representation.

Bitcoin addresses are essential for the following reasons:

• Fund Reception: Addresses enable users to receive Bitcoin from other parties without exposing their public key directly.
• Transaction Identification: Each transaction specifies source and destination addresses, creating a transparent and auditable record on the blockchain.
• Privacy: Users can generate multiple addresses from a single wallet, reducing the ability to link transactions to a single identity.
• Security: Addresses are derived from public keys using one-way hash functions, providing strong protection against classical computing attacks. Quantum computers, however, could potentially compromise this security, which is why quantum-resistant address types are becoming increasingly important.
• Contract Address: Smart contracts are identified by unique addresses on the network, enabling users to interact with deployed contracts by sending transactions to their address.

Supported Address Types

Over time, Bitcoin has introduced several address types, each designed for specific purposes and security requirements. OP_NET supports these address types and uses them based on the use case. Additionally, OP_NET introduces custom address types to enable advanced functionality. Understanding these address types is essential for proper interaction with OP_NET.

Address Generation

Comprehensive documentation for generating each address type is provided in dedicated sections. These sections cover the specific parameters, code examples, and implementation details for each format. Refer to the relevant section for complete guidance on your target address type.