Blockchain Account Identification via Standardized Deterministic Paths
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Solution Overview
Problem
Blockchain e-wallets face challenges in identifying cryptocurrency accounts due to varying hierarchy deterministic paths used by different wallet makers, making it difficult for users to manage and secure their accounts, especially when the level type of the path differs, leading to inconvenience and security risks.
Innovation Solution
An electronic device and method that automatically generates hierarchy deterministic paths regardless of the level type, allowing for the derivation of public keys from a root seed, and provides blockchain account information, enabling users to access and manage their accounts more securely and intuitively.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If different wallet makers use varying hierarchy deterministic paths, then each wallet can implement its own key derivation method, but users cannot identify or manage cryptocurrency accounts across different wallets
Solution Approach 1:
The patent applies universality by creating a standardized hierarchy deterministic path structure that works across all wallet implementations. The standardized path format enables universal account identification regardless of which wallet maker's implementation is used, allowing users to manage accounts across different wallets seamlessly while wallets retain flexibility in their specific implementations
2Adaptability or versatility
If hierarchy deterministic paths are not standardized, then wallet makers can innovate with different path structures, but security risks increase due to inability to verify account ownership
Solution Approach 1:
The patent applies parameter changes by establishing standardized parameters for the hierarchy deterministic path structure. By defining specific path components and their formats, the patent ensures that account verification can be performed reliably across different implementations, maintaining security while allowing controlled variation in non-critical parameters
3Ease of operation
If manual path generation is required, then users have control over path selection, but the process becomes complex and error-prone
Solution Approach 1:
The patent applies self-service by enabling the electronic device to automatically generate the hierarchy deterministic path without requiring manual user input. The device retrieves account information, constructs the path using standardized rules, and performs verification automatically, reducing complexity while maintaining user control through the ability to review and confirm generated paths
Data Source
AI summary
An electronic device is provided. The electronic device includes a display, and a processor configured to generate at least one hierarchy deterministic path, obtain at least one public key using a root seed and the at least one hierarchy deterministic path, obtain a blockchain address for a blockchain account from the at least one public key, obtain information about the blockchain address from a blockchain network based on the blockchain address, the information about the blockchain address including information about a balance of the blockchain account, and display at least part of the information about the blockchain address through the display, based on the information about the balance of the blockchain account.