Hello, guys today in this post we will talk about an amazing thing that is the notarized wallet address. This thing is not a new concept, this is a very old thing.
This is a type of process where we prove our ownership over a wallet address digitally. So now let’s understand how we can do this, why we need such types of things in the field of Cryptocurrency.
The Need of Digital Signature in Cryptocurrency
Bitcoin and other Cryptocurrencies are specially designed to transfer our fund securely and anonymously but still, Sometimes we came across in those situations where we need to prove our ownership over a particular crypto address, and that why we need to use this process of digital signature verification.
But keep in mind that it is not a certificate like a thing wherewith single step everyone gets the proof that you own that particular address private key or you have full control over the address ( it’s a matter of proof only ). Here in the very starting, it will not be easy for us to explain that why we can’t reveal to everyone at once that we own a particular address fully with this procedure, so first understand the full procedure than at the end you will come to know about it automatically.
Steps to verify the digital signature:
Suppose I have a Bitcoin address 1BEv6swFLmnxwUBTcyETfamHSeDmf91rWf, now if you will ask me that how I can give proof that I own this address, Now in this situation I need to verify this with a digital signature.
Before to proceed the next, we will take an example of Bitcoin wallet mycelium. With this wallet example, you will be able to understand in a better way because this wallet is more simple and better to handle for android users, while there are other many types of best bitcoin wallet that we can use, but for ease to understand we will use mycelium wallet here.
Now, you have to give me a word and I will put that word in my wallet to sign in the message section and after that, I will generate a signed message keyword.
That signed message text will be used by you to verify whether I owned that address or not. Now let’s see step by step how to do sign in and how to verify that signed message.
Step:1 own a wallet for which I have to prove that I have that wallet address, here we taken mycelium.
Step:2 you have to give me a word or message to generate signed text. Suppose you gave me the word bitcoinik.com.
Step:3 Now I will click on the sign option ( as shown in picture ) .
Step:4 I will choose the address for which I have to notarize my ownership.
Step:5 we will get a box, in that box we have to write that word which is given by you. Here as you have given bitcoinik.com, so I will write bitcoinik.com and then hit the button sign message ( as shown in the picture).
Step: 6 we can copy the signed message at clipboard or directly can share the signed message with text to the person who wants to verify. The signed message will look like as
Now here at the end to verify the message or digital signature you needed a tool that can be your own Bitcoin blockchain.info wallet or any other wallet or even an online signature verifying tools which you like.
Here we are giving two examples to verify, first is mycelium wallet and the second is the Bitcoin.com Digital signature verification tool, here we will show you examples of the Bitcoin.com tool.
Visit at the Bitcoin.com tool to verify the message by click here. A page will open, as shown below in the picture:
Now paste the Bitcoin address for which, this whole matter is going on i.e the address we want to verify the signature which was used to sign the message.
Next, write the message word that you gave me that is bitcoinik.com And in the third box paste the signed message
After all these steps you will see a greenish look like below. we have shown here, message verified successfully showing valid Bitcoin address with that word that you have given.
Note: the signed messaged comes with two types of combination, one with only a single signature message and the other with address + signature message.
Both are useful in their own place because everyone has his own tool to verify and as we know very well that different tools have a different type of format to access the information. So don’t get confused.
Use of Signature Message verification in Cryptocurrency field
Almost all of you have a question in your mind that what is the purpose or use of this signature verification in actual practice, is it show off?? Or have some usual reason to use?
Actually, the main use of digital signature verification of Bitcoin uses by the big project owners where managers can manage the fund transfer with the 100% trust balance with the project owner that whether the manager is not using the funds in his own ways And all funds are safe and in manager’s wallet with full control.
This technique of verification uses by mostly those projects who launch their project advertisement work at Bitcoin official discussion platform, bitcointalk.org.
Which wallet and coin allows signature verification
All genuine wallets which are available in this field of Crypto currency allow us to validate our signature verification. Since this thing is not in much use so many of the coins which are very new in this field are not taking attention to add this feature in their blockchain technology. Secondly, we can say no new coins are coming in this field, most coins are in tokenized form. So not much use we can see.
But if you have your fund on at a third-party platform then we don’t think that you will get any such type of option because these options are only available with those wallets which have the real private key of that particular address. Most of the third-party wallets do not provide the access to private keys, our suggestion is to avoid such wallets for better security and privacy.