Jump to content

Keys, Addresses, and Some Other Questions [Rippex]


Recommended Posts

Hey everybody, so I am coming from Bitcoin and have been wanting some clarifications on things if you can help me please. 


If it matters, I am using Rippex, the desktop wallet.


My questions are probably questions that have been answered before, but I just wanted to be sure because I've read so many different terms being thrown around for each cryptocurrency, my head feels like it spinning.
 

1) Secret Key = Private Key = Private Address ??


With Bitcoin I always just knew private (key) = private (address). 
And since "Secret" indicates...well, secret, it goes into the private key/address category right?
 Or am I wrong?

This is the key I need to send someone funds. 


And just like Bitcoin, this key obviously can't be revealed to anyone else to ensure the Ripple stay safe in the account. Basically, the password to my "account" so to speak.


~~~~


2) ___________ = Public Key = Public Address ??


So obviously there needs to be a second part to a key pair. 


With Bitcoin, like with the private keys, I just thought public (key) = public (address)


What is the Ripple equivalent called? Is it called.....(next question)


~~~~


3) Regular Key? Ripple Address? Or Both?


So I already have my Secret Key and I have my Ripple address. But I came across this in the settings.


Now, in Ripple, there's an option to generate a regular key, and I am suspecting by the way it's described, it is the equivalent of the public key/address? Or am I wrong? 


And if a regular key is the equivalent of a public key/address, then does that mean my Ripple address is considered a regular key as well, they both do the same thing but are just given different names? Is this right?

Public Key/Address = Regular Key = Ripple Address  ??

Maybe??  :JC_thinking::scratch_one-s_head::unknown:

If they are not the same, how do they differ? And which one would be the public key/address equivalent, if at all?

~~~~

4) Re-use of addresses? Multiple addresses?


So with Bitcoin, I had learned that we should NEVER reuse public keys/addresses. Like when you finished one transaction, for the next, you were supposed to use an entirely different one. You didn't have to, but if you wanted to ensure your coins stayed safe, it was highly recommended.

Does this rule apply to Ripple as well?

If it is the same as Bitcoin and I would need multiple public keys/addresses, does Rippex provide them for me when I need them? Or can I input my own generated public key I get from a key generator. I heard some wallets allow you choose your own public keys/addresses, while some wallets don’t allow you to do that and give you new key/addresses themselves.

If I wanted to change both my Secret Key and Ripple Address, am I able to? Or are they permanent?
If I can change them, can I input keys/addresses I got through a random key generator? Or does Rippex provide new addresses for me?

~~~~


5) Wallet file?


So I wanted to check my wallet file, and I thought it was supposed to be a file with my secret key and my public keys/addresses. But instead it was just a long string of numbers and letters for a few lines. 


If it matters, there was an "e" as the first character in the line sequence.


What's the long number sequence?
What is the file essentially?
What is the file used for?
Is it used for anything important?

~~~~


6) Wallet file location?


If the wallet file is important, I want to move it off my computer and onto my USB and delete the file from my desktop. If I do that, will it affect anything? 


Will Rippex open without an issue?
Will I have any login problems?
Will I have to plug in my USB every time I want to open Rippex or to login successfully?
Will the wallet file still open if I move it to my USB?

If it will affect things, would it be better to create a new Rippex account from scratch to save the wallet file to my USB drive initially?
Or would I still run into problems because the wallet file is on the USB and not on the desktop?
Will I have to plug my in USB every time to get Rippex to open or to login successfully?

Wanted to be sure about this because I don't want to get locked out or lose my coins if I do something wrong.

~~~~

7) Recovery?

I've noticed a few wallets have a backup system essentially with "seed word phrases" that can be 12-24 words long.

These would be used in the case that your wallet is stolen, computer fails, or something like that.
The seed words would let you be able to get access to your funds, based on my understanding, adding another layer or protection to your account.

Does Rippex have this feature? If it does, how do I access/activate it?


Other wallets I've noticed let you save/export your keys/addresses/transaction/seeds to save as a backup copy someplace else in the case something were to go wrong.

Does Rippex allow you to do that?

~~~~

8) Activation and Receiving?

So I know that in order to make a Ripple wallet fully functional and legit, 20 XRP is needed to activate the wallet. An activation fee essentially.

I am planning on buying some Bitcoin on Coinbase and then sending them to my ripple wallet. But I am getting confused because:

1) Some are saying I won't be able to receive any Ripple until the wallet is activated.
2) Others are saying I can receive Ripple, BUT only if the XRP amount sent to me is over 20 XRP. This way wallet activates on that first transaction. And once the the 20 XRP activation fee is subtracted, you would still have some XRP left in your wallet.

I feel like the second one is the truth because it makes more sense, but I just wanted to be sure just in case the first one is true. Because if it true, how would I go about activating my wallet then?

~~~~

I know it's a lot of questions :newblush: but I just want to be sure before I start adding Ripple to my wallet. The last thing I want is to add Ripple and then lose it all because something went wrong.
 

Edited by Sie
Link to post
Share on other sites

1) Yes, Secret Key = Private Key indeed. Secret looks like sanwTGEF2RGhxu3RWVGxzn5wFZPUi  (always starts with "s")  Keep it secret!

2) Yes, Public Key = Public Address indeed. Address looks like r4wKWT1PNgQypcFQvLrvzBHtn4gTnTHUxS  (always starts with "r")

3) XRPL (Ripple network) has an ability for each address to set RegularKey which is just another address (which has its own secret). This address does not have to be activated or anything, point is that it works as an alternative key (you use its secret key for this) to sign transactions. If you are a noob perhaps skip using this feature until you get your feet wet.

4) It is not recommended to use new address for each transaction as in Bitcoin at all. Especially bearing in mind that each new ripple address you activate takes some XRP as a reserve (at the moment 20 XRP) in order to prevent this kind of behavior i.e. to prevent ledger bloating. Rippex does not generate new addresses for each TX like some BTC wallets. Each address is associated with its own wallet file. Also you cannot change ripple public address just as in bitcoin, only move everything to newly generated address. Changing secret key is sort of possible using previously mentioned SetRegularKey and disabling the original secret key associated with address. But again if you're a noob I would be very carefully with this sort of thing.

 

Sorry after that just too many question marks for my taste :lol: Perhaps someone will take over from here.

 

Edited by velmet
Link to post
Share on other sites

1 and 2 are confusing because at a technical level in the code, the private key and public key are actually not the same as your address + secret.  This will only matter for some wallet clients that try to get too fancy and show you everything (so you have 4 keys instead of 2).

3 is basically an extra password so you can login with two passwords instead of one, keep the main one hidden as backup, etc.  I explained a bit more in depth here: https://www.xrpchat.com/topic/2036-new-ripple-clientwallet-the-world-exchange/?do=findComment&comment=83831

 

4. Not needed

5.That wallet file is specific to the software you used.  Ripple itself only cares about the address and secret key, which are two text phrases as you mentioned.

6. Again, specific to Rippex.  I would just make sure to save your keys somewhere so you aren't beholden to accidentally misplacing the file.

7. All you need really is your secret key.  From that, the address can be calculated.  Rippex can also rebuild its wallet files, etc.

8. Second one is true

Edited by pftq
Link to post
Share on other sites

Hi there. Regular keys are a security feature. Your secret key is the master key and is the ultimate authority of an account unless it was disabled on purpose.

Once you generated a regular key you can use it as a proxy to sign transactions, so it is an alternative authority for that account. The interesting key about regular keys is that they can be revoked by the master key, so you never lose total control of the account even if the regular key is compromised.

Suppose you use an online wallet provider and you create it using your regular key instead of your master key. If you suspect there is any problem with that provider all you have to do to make your ripple account safe again is to revoke your regular key. If you want to use the same account online again afterwards you can generate another regular key - the old one will not be capable of creating valid transactions but the new one will work fine.

Edited by RafOlP
Link to post
Share on other sites
12 hours ago, pftq said:

1 and 2 are confusing because at a technical level in the code, the private key and public key are actually not the same as your address + secret.  This will only matter for some wallet clients that try to get too fancy and show you everything (so you have 4 keys instead of 2).

3 is basically an extra password so you can login with two passwords instead of one, keep the main one hidden as backup, etc.  I explained a bit more in depth here: https://www.xrpchat.com/topic/2036-new-ripple-clientwallet-the-world-exchange/?do=findComment&comment=83831

 

4. Not needed

5.That wallet file is specific to the software you used.  Ripple itself only cares about the address and secret key, which are two text phrases as you mentioned.

6. Again, specific to Rippex.  I would just make sure to save your keys somewhere so you aren't beholden to accidentally misplacing the file.

7. All you need really is your secret key.  From that, the address can be calculated.  Rippex can also rebuild its wallet files, etc.

8. Second one is true

 

For your answer for #3:
I think I'll stay away from this for. I'm still learning how to use the wallet. But form what I took away from it, it's like two different cards connected to a bank account. Kind of like credit and debit cards (although technically they aren't connected to one account, but you get it). The credit card is like a the Secret Key, more privacy needed. While debit cards are easier for basic transactions. Did I use the right analogy? Or did I just not get it at all :scratch_one-s_head:

For your answer for #5:
But exactly is the wallet file? Is the long sequence used for anything? And I apologize, but what two text phrases were you referring to?

For your answer for #6:
Does that mean I can make a copy to save onto my USB, then delete the file that's on my laptop? If I did that, would I run into problems running the app in the future with the file no longer on my laptop as the app runs?

 

Thank you for your help!

 

Edited by Sie
Link to post
Share on other sites
12 hours ago, RafOlP said:

Hi there. Regular keys are a security feature. Your secret key is the master key and is the ultimate authority of an account unless it was disabled on purpose.

Once you generated a regular key you can use it as a proxy to sign transactions, so it is an alternative authority for that account. The interesting key about regular keys is that they can be revoked by the master key, so you never lose total control of the account even if the regular key is compromised.

Suppose you use an online wallet provider and you create it using your regular key instead of your master key. If you suspect there is any problem with that provider all you have to do to make your ripple account safe again is to revoke your regular key. If you want to use the same account online again afterwards you can generate another regular key - the old one will not be capable of creating valid transactions but the new one will work fine.

 

Hmm interesting.

I just responded to @pftq response before this, and I thought their answer to what regular keys are sounded similar to credit and debit cards.

But your explanation now makes it sort of sound a little like how Bitcoin uses new public keys for each transaction, the basic idea at least.

Hmmmm, let's see if I took away the correct information about Regular Keys based on the info provided by you @RafOlP and @pftq.

1) When making transactions, to ensure my Secret Key is safe and hidden, this is where the Regular Key comes in play and becomes a stand in for my Secret Key.

2) By creating a Regular Key, I would essentially now have two keys, the Secret Key and the Regular Key,  to choose from to use whenever I needed to enter my private key somewhere.

3) But the difference is, the Regular Key is expendable at any time, temporary basically, until I decide to create a new Regular Key. While the Secret Key is the not and is the Master Key to my account.

4) I can log into my account/Rippex app with either the Secret Key or Regular Key.

5) But overall account control and setting settings lies with the Secret Key, the master.

6) Both the Secret Key and Regular Key start with "s"

I was confused about this one though. Are both the Regular Key and Secret Key connected to my one Ripple address (my public key), the same one??
Ex - Secret Key and Regular Key = Ripple address

Or do they both have their own Ripple address?
Ex - Secret Key = Ripple address
       Regular Key = Ripple address 2


Did I get anything right in my understanding of what Regular Keys are? Or did it wrong.
 

Thanks for your help!

 

Edited by Sie
Link to post
Share on other sites

5 - not correct.  Both secret keys, whether from your main account or from the RegularKey, have just as much power to change any setting and do anything w/ your account.  They can even disable your masterKey.  That's why I described it more simply as two passwords because there really isn't something that declares one superior to the other control-wise.

6 - Both secret keys are tied to their own respective Ripple addresses.  When you set a RegularKey, you set it to the public address of another account to essentially "share" its secret key.  It's confusing because we say RegularKey in the context of secret keys but the actual setting requires you set it to an account address.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.