The IOV Name Service uses industry standard technology to derive cryptographic key pairs and blockchain addresses from a secret mnemonic. The first step is to derive an Ed25519 key pair from the secret. The address is then derived from the public key in a second step.
Create the base secret
The base secret is an English BIP39-compatible mnemonic.
Even though it is potentially feasible to extend this spec for the use of mnemonics in different languages, none of our software currently supports doing that.
Note: There are extensions to BIP39 that allow mnemonics with fewer than 12 words. Those mnemonics should be considered insecure for our purposes, and none of our software supports them.
Derive a key pair from a mnemonic
The IOV Name Service (i.e. our blockchain) uses Ed25519 for signing. Hierarchical deterministic (HD) key derivation allows us to derive multiple Ed25519 key pairs from a single mnemonic. We follow the SLIP-0010 standard.
Since the IOV Name Service is an account-based model, our paths follows Trezor's recommendation that
If the coin is UTXO-based the path should have all five parts, precisely as defined in BIP-32. If it is account-based we follow Stellar's SEP-0005 - paths have only three parts 44'/c'/a'.
This results in HD paths of the form
a is an account index starting at 0. We call this format 'BIP44-like'
because it follows the idea of BIP44, but is not compatible with the five-component
Simple addresses (deprecated)
we used the derivation path
m/4804438'/a'. This was created and called
'simple' because we initially planned to use a multi-dimensional 5-component
BIP44 path in the long run. However, we gave up on this idea and now the IOV path
described above is equally simple.
Deriving addresses from keypairs
Given an Ed25519 public key, we derive IOV addresses as follows
weave_address := sha256(ascii("sigs/ed25519/") + pubkey)[0:20]; address := bech32(prefix, weave_address);
prefix (the human readable part of
Bech32) is tiov for testnets and iov for mainnet.
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derives to the Ed25519 public keys and testnet addresses:
m/44'/234'/0': 12ee6f581fe55673a1e9e1382a0829e32075a0aa4763c968bc526e1852e78c95 tiov1hx6vjcmsgj7wgu64ajdglrhpusl3fmercl8mxe m/44'/234'/1': c26a2feeb1fa1a424509148943af1d32c88bf3f4138c76a6cf266b1836c8edec tiov1mh9p0y0ne8n03y5x8tjrjlxz4ku3vqluq6g26s m/44'/234'/2': ed87b8b1ea2b2c533ffe402c9e0bb2abd7b724a1810d6dc5579a03b5fbbafec6 tiov16xrvuk2867536tj5j6zzhy205efzrzac8g7zhc