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Public child key derivation As mentioned above, a very useful characteristic of hierarchical deterministic wallets is the ability to derive public child keys from public parent keys, without having the private keys. This gives us two ways to derive a child public key: either from the child private key, or directly from the parent public key. An extended public key can be used, therefore, to derive all of the public keys (and only the public keys) in that branch of the HD wallet structure. This shortcut can be used to create very secure public-key-only deployments where a server or application has a copy of an extended public key and no private keys whatso‐ ever. That kind of deployment can produce an infinite number of public keys and bitcoin addresses but cannot spend any of the money sent to those addresses. Meanwhile, on another more secure server, the extended private key can derive all the corresponding private keys to sign transactions and spend the money. One common application of this solution is to install an extended public key on a web server that serves an e-commerce application. The web server can use the public key derivation function to create a new bitcoin address for every transaction (e.g. for a customer shopping cart). The web server will not have any private keys that would be vulnerable to theft. Without HD wallets, the only way to do this is to generate thousands of bitcoin addresses on a separate secure server and then pre-load them on the e- commerce server. That approach is cumbersome and requires constant maintenance to ensure that the e-commerce server doesn’t “run out” of keys. Another common application of this solution is for cold-storage or hardware wallets. In that scenario, the extended private key can be stored on a paper wallet or hardware device (such as a Trezor hardware wallet), while the extended public key can be kept online. The user can create “receive” addresses at will, while the private keys are safely stored offline. To spend the funds, they can use the extended private key on an offline signing bitcoin client or sign transactions on the hardware wallet device (e.g. Trezor). Wallets | 93PDF Image | Mastering Bitcoin
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