Ethereum: Separating Wallets and Sharing the Same Blockchain
As the world of cryptocurrencies continues to grow, one of the most common questions on people’s minds is how to manage multiple Ethereum accounts on a single computer or device. The short answer is yes, it is possible to split wallets and share the same blockchain on Ethereum. However, there are certain limitations and considerations that you need to keep in mind before diving into this world.
Interpreting the Blockchain
Before we dive deeper into separating wallets, let’s take a brief look at what the Ethereum blockchain is all about. The Ethereum blockchain is a decentralized public ledger that records transactions on a network of computers. This is the technology behind most cryptocurrencies, including Bitcoin and many others.
Separating Wallets with Different Private Keys
If you want to separate multiple accounts on the same computer, you will need to create different private keys for each account. Private keys are used to sign transactions, send ether (ETH), and store funds in your wallet. Since Ethereum allows up to 100 unique addresses per wallet, you can use two or more wallets with different private keys to manage separate accounts.
Here is an example of how you can create two wallets on the same computer:
- Create a new wallet in Ethereum Explorer: `
- Use the «createNewAddress» function to create a new public address and private key.
- Copy the private key and use it to sign transactions, send Ether, or store funds in your wallet.
Limitations of separating wallets with different private keys
While it is possible to separate wallets with different private keys, there are some limitations to be aware of:
Security risks: If a wallet’s private key is compromised, all accounts linked to the affected wallet could be affected.
- Centralized control: By creating a separate wallet for each account, you can better control who can access your funds and make transactions. However, this also means that if a malicious actor gains access to one wallet, they can access all accounts linked to it.
- Transaction fees: By using different private keys, you will need to pay transaction fees twice: once when creating the new wallet, and then when sending Ether between wallets.
Sharing the blockchain: a more complex approach
In recent months, there has been a trend towards sharing the Ethereum blockchain with more users. This approach is called «pooling» or «consensus mining.»
Pool members pool their computing resources to validate transactions and add them to the blockchain. In exchange for their participation, they receive a share of the block reward (currently 12.5 ETH) and transaction fees.
To use this approach:
- Join an Ethereum blockchain mining pool – You can search for pools on websites like PoolHub or Antpool.
- Create an account with the pool operator – Once you’ve been added to the pool, you’ll need to create a new wallet and join the pool’s network.
- Set up your wallet and connect it to the pool – Set up your wallet to use the pool’s private keys for transactions.
- Participate in block rewards – Participate in block rewards and transaction fees.
However, keep in mind that pool-based consensus mining is still a relatively new technology, and there are concerns about energy consumption, security risks, and potential vulnerabilities.
Conclusion
Wallet segregation on Ethereum or any other blockchain requires careful consideration of security risks, centralized control, and technical complexities. While it is possible to create multiple wallets with different private keys, pool-based consensus mining offers a more complex approach that can be beneficial for large-scale applications or networks.