📒1.3. Pirichain Wallet Structure

Pirichain generates a private address (public key) and private key (private key) for each user. This address method is based on Elliptic Curve Asymmetric Encryption (ECDSA), a set of RIPEMD160 and SHA256 algorithms. The flow chart is shown in Figure 1.2

Figure 1.2: Wallet creation flowchart on Pirichain

Another important value in the wallet is the private key. In case of loss of private key, all asset(s) in the account will be lost. And it is not possible to add new information belonging to that address. In Pirichain, the private key is translated to 24 phrases via BIP39 (Walker, 2020) word deterministic translation module. The Pirichain system allows phrases to be created in 7 different languages (Chinese, Japanese, Korean, French, German, Spanish, Portuguese). This forces mnemonic words to be saved in an external location Pirichain As seen in the BIP39 flowchart in Figure 1.3, the randomly generated entropy (randomness collected by an operating system) is found and the process continues (Walker, 2020).

Figure 1.3: Word generation flowchart.