How wallets work in cryptocurrencies

You can create multiple accounts in a wallet. Each wallet account has 2 keys.
  • Private Key – You need to protect this key. Thisi s a 256 bit binary number. There is theoterical possiblity of 2 people generating same private key. It is called as address collision. But it is extremely unlikely because it is a very huge number.
  • Public Key – Public key is derived from private key using hashing algorithm. You can create public address using public key. You can share public address with other people. Public address is 160 bit binary number.
HD(Hierarchical Deterministic) wallets usually generate public addresses using seed/passphrase (usually 8-10 words) and it also generates the different public addresses each time you send/recieve the payment so that nobody can see that specific address is sending/recieving how many bitcoins. This improves privacy. Every bitcoin transaction gets unique transaction id. You can view the transaction details by using transaction hash id or bitcoin address or block id. You can check balance balance in specific wallet account by going to below url. Just replace the bitcoinaddress with the address of your wallet account.<bitcoinaddress>
Google java library already exists that can be used by developers to create new wallet applications.

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