Accounts

An account on Vince Chain consists of a public key (PubKey) and a private key (PrivKey). You generate various addresses with the public key, which can then be used to identify users on the application. These addresses are also associated with messages from the sender or receiver of the message. The private key is for generating digital signatures and approving messages on the application or blockchain—that is to say that private keys are used to encrypt and decrypt messages on the blockchain.

Vince Chain allows for the derivation of Hierarchical Deterministic (HD) keys which uses the BIP32 standard. The BIP32 allows users to create an HD wallet (as specified in BIP44) —a set of accounts derived from an initial secret word seed. You create a seed from 12 or 24 mnemonic words. You can also create as many private keys as possible using the initial/parent seed. This means you can create multiple accounts from a parent seeded account using a one-way cryptographic function. Afterward, you can generate a public key/address from the private key created from the multiple or parent accounts.

Warning

Your mnemonic seed phrase or words is the most sensitive information of your wallet or account because anyone with it can regenerate or access your wallet.