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If you are implementing a bitcoin wallet, it should be built as an HD wallet following the BIP0032 and BIP0044 standards. HD wallets offer two major advantages over random (non-deterministic) keys. First, the tree structure can be used to express additional organizational meaning, such as when a specific branch of sub-keys is used to receive incoming payments and a different branch is used to receive change from outgoing payments. Branches of keys can also be used in a corporate setting, allocating different branches to departments, subsidiaries, specific functions or accounting categories. The second advantage of HD wallets is that users can create a sequence of public keys without having access to the corresponding private keys. This allows HD wallets to be used on an insecure server or in a receive-only capacity, issuing a different public key for each transaction. The public keys do not need to be pre-loaded or derived in advance, yet the server doesn’t have the private keys that can spend the funds. HD wallet creation from a seed HD wallets are created from a single root seed, which is a 128, 256 or 512 bit random number. Everything else in the HD wallet is deterministically derived from this root seed, which makes it possible to re-create the entire HD wallet from that seed in any compatible HD wallet. This makes it easy to backup, restore, export and import HD wallets containing thousands or even millions of keys by simply transferring only the root seed. The root seed is most often represented by a mnemonic word sequence, as described in the previous section “Mnemonic Code Words” on page 86, to make it easier for people to transcribe and store it. The process of creating the master keys and master chain code for an HD wallet is shown below: Wallets | 89PDF Image | Mastering Bitcoin
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