Traditionally, managing tokens across multiple chains often involves users creating multiple wallets and managing corresponding sets of private keys and mnemonic phrases. This process is cumbersome and error-prone.
imToken simplifies this process by adopting hierarchical deterministic wallet technology. Users need to save only one set of mnemonic phrases to easily manage tokens across multiple chains and add multiple accounts within the same public chain.
Hierarchical deterministic wallets are based on two protocols: BIP-32 and BIP-44.
BIP-32 defines the standard for hierarchical deterministic wallets, where accounts of different levels are derived through "paths" (e.g., m/*).
BIP44 establishes a universal standard for paths. Wallets following this standard can generate the same addresses using the same set of mnemonic phrases according to the standard path format:
m / purpose' / coin_type' / account' / chain / address_index
- m: Indicates the account derived from the master private key.
- purpose: imToken adheres to the BIP-44 standard with a fixed value of 44.
- coin_type: Represents the token type (e.g., 0 for BTC, 60 for ETH).
- account: Represents the account type, starting from 0.
- change: 0 for external addresses, 1 for internal addresses.
- address_index: Represents the address index.
For example, the Ethereum account path m/44'/60'/0'/0/0, indicates derivation from the master private key, following the BIP44 standard, and representing the first external address in the ETH account.
The derivation path defines the structure and logic of hierarchical deterministic wallets. Through this path, users can generate multiple accounts under multiple public chains using the same set of mnemonic phrases. This simplifies wallet backup, improves account management efficiency, and enhances privacy protection.
How to Customize Derivation Paths in imToken?
Users can click "Customize" to set the account's derivation path. imToken offers two customization methods: Ledger or BIP44. Choosing Ledger derives the account according to the Ledger standard, while opting for BIP44 allows entering the last three parameters of the derivation path to generate a custom path.
Note: When selecting custom mode, it's crucial to backup the custom account derivation path properly. During wallet restoration, entering the derivation path is necessary for correct recovery. imToken does not store any information about the user's custom path, so if lost, it cannot be recovered.