BTC Contract Address

Similar to an email address used to send an email, a Bitcoin address is a 26-35 alphanumeric string or unique identifier that can be used to send cryptocurrencies. A contract address is a unique address allocated when a smart contract is deployed. Although Ethereum is the most popular blockchain used to deploy smart contracts, the Bitcoin blockchain can also be used to deploy smart contracts, although not as programmable and extensible as on Ethereum.

Bitcoin relies heavility on cryptographic technologies such as Hash functions (SHA-256 and RIPEMD-160) and Asymmetric Public Key Cyrptography – the Elliptic Curve Digital Signature Algorithm (ECDSA) to create a new pair of private key and a unique corresponding public key deriving from the private key. The public key is used to receive funds, is broadcasted out to the network and is visible to everyone after coins have been spent. In the payment portion of a bitcoin transaction, the recipient’s public key is represented by its digital fingerprint called a bitcoin address, which is generated from and corresponds to a public key. Digital wallets usually generate a new address for each transaction.

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