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Extending that specification, BIP0044 proposes a multi-account structure as “purpose” number 44' under BIP0043. All HD wallets following the BIP0044 structure are iden‐ tified by the fact that they only used one branch of the tree: m/44'/. BIP0044 specifies the structure as consisting of five pre-defined tree levels: m / purpose' / coin_type' / account' / change / address_index The first level “purpose” is always set to 44'. The second level “coin_type” specifies the type of crypto-currency coin, allowing for multi-currency HD wallets where each cur‐ rency has its own subtree under the second level. There are three currencies defined for now: Bitcoin is m/44'/0', Bitcoin Testnet is m/44'/1’ and Litecoin is m/44'/2’. The third level of the tree is “account”, which allows users to subdivide their wallets into separate logical sub-accounts, for accounting or organizational purposes. For example, an HD wallet might contain two bitcoin “accounts”: m/44'/0'/0’ and m/44'/0'/1’. Each account is the root of its own sub-tree. On the fourth level “change”, an HD wallet has two sub-trees, one for creating receiving addresses and one for creating change addresses. Note that whereas the previous levels used hardened derivation, this level uses normal derivation. This is to allow this level of the tree to export extended public keys for use in an non-secured environment. Usable addresses are derived by the HD wallet as children of the fourth level, making the fifth level of the tree the “address_index”. For example, the third receiving address for bitcoin payments in the primary account would be M/44'/0'/0'/0/2. Here are a few more exam‐ ples: Table 4-9. BIP0044 HD wallet structure examples M/44'/0'/0'/0/2 M/44'/0'/3'/1/14 m/44'/2'/0'/0/1 The third receiving public key for the primary bitcoin account The fifteenth change-address public key for the fourth bitcoin account The second private key in the Litecoin main account, for signing transactions Experimenting with HD wallets using sx-tools Using the command line tool sx, introduced in Chapter 3, you can experiment with generating and extending BIP0032 deterministic keys, as well as displaying them in different formats: $ sx hd-seed > m # create a new master private key from a seed and store in file "m" $ cat m # show the master extended private key xprv9s21ZrQH143K38iQ9Y5p6qoB8C75TE71NfpyQPdfGvzghDt39DHPFpovvtWZaRgY5uPwV7RpEgHs7cvd\ gfiSjLjjbuGKGcjRyU7RGGSS8Xa $ cat m | sx hd-pub 0 # generate the M/0 extended public key xpub67xpozcx8pe95XVuZLHXZeG6XWXHpGq6Qv5cmNfi7cS5mtjJ2tgypeQbBs2UAR6KECeeMVKZBPLrtJun\ SDMstweyLXhRgPxdp14sk9tJPW9 $ cat m | sx hd-priv 0 # generate the m/0 extended private key xprv9tyUQV64JT5qs3RSTJkXCWKMyUgoQp7F3hA1xzG6ZGu6u6Q9VMNjGr67Lctvy5P8oyaYAL9CAWrUE9i6\ GoNMKUga5biW6Hx4tws2six3b9c Wallets | 97PDF Image | Mastering Bitcoin
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