Accounts
Overview
On the BalanceAI Network, each account consists of two components - a private key and a public key. The public key, also known as the account address, is accessible to the public and can be used to send tokens to your account. However, only you have access to your private key, which allows you to manage and access your tokens securely.
Substrate Accounts
BalanceAI is constructed on Substrate, a platform that enables the development of blockchain networks, and utilizes Substrate accounts. Substrate-based chains leverage the underlying public key to generate one or more public addresses. In contrast to directly employing the public key, Substrate enables you to create multiple addresses and address formats for an account, allowing you to only generate your public key and private key pair once while deriving various addresses for different Substrate-based networks.
The private key is an immensely complex and secure numerical sequence generated randomly, making it virtually uncrackable. To enhance comprehension for humans, the private key is translated into a memorable sequence of words known as a secret seed phrase or mnemonic, serving as a straightforward means of recalling the key's contents without compromising its security.
Within Substrate-based blockchain networks such as BalanceAI, the utilized address format is designated as ss58. This specific address format is an adaptation of the Base-58-check standard employed by Bitcoin, with some minor modifications. Of significance, the ss58 format incorporates a network identification prefix, distinguishing each address as belonging to a particular network
BalanceAI network prefix is 125
An example of BalanceAI Native address or SS58 address
- 5GrwvaEF5zXb26Fz9rcQpDWS57CtERHpNehXCPcNoHGKutQY - as SS58 with standard Substrate prefix
- ix7jdx7pQN646rwp3TkkaVhCEES8eDaZg2PsZCCVRbdMkYjdG - as SS58 with BalanceAI prefix (125)
BalanceAI supports spezialized accounts, such as Proxy and Keyless accounts. You can read more about Proxy accounts here.