- Transaction securely via anti-theft technology in the network address by custom name on our own
- Avoid unnecessary confusion with the same address just by looking following the guidelines.
Every blockchain wallet contains a public address and a private key which may be represented as an e-mail address for the address and a password for the private key, just for understanding.
The address in the blockchain network represents the destination of a particular wallet to which funds must be deposited or stored.What if there’s a way to get an entertained and similar level of secure code like other addresses?
Let’s Understand Vanity Address
A vanity address is a personalized Bitcoin address or a cryptocurrency address, also known as a unique address that contains specialized alphanumerical characters;
it’s like having a Personalized vehicle number plate.
This is what a vanity address looks like
1231bUmhSoTXobBRbezo9zn231
1TesLagBjHTYosruH9YlGH0231
It can be easily readable by humans i.e. Human readable address which can be kept processed by using algorithms until the desired outcome is received.
Method of Generation of a Vanity Address
There are two ways one can create a vanity address:
1- Personally and privately
This tends to be the most sophisticated, most secure, and most safe method of all due to its transparency in safeguarding our personal information which needed to be safe.
It can be done using a Computer and programming language along with a certain level of expertise in such knowledge.
2- Using 3rd Party service
It is much simpler but lacks security and reliability. It is done via 3rd party online service to generate addresses. Although there is a risk of disclosure of private information and wallet being got hacked.
There are a couple of vanity address generators that create crypto addresses.
We have to enter specific, special alphanumerical characters what we want to be include in our public address.
Most common method of generating vanity addresses is Brute-force method.
> It is a technique of computation of possible answers until the most desirable is found and then it can be stopped.
> It is mainly for solving smaller and simpler problems though which can be a great help in the generation of vanity addresses.
> It may take up to several weeks to generate a Desired address and would cost roughly around $200-$1000 depending on the popular site rates.
| Vanity | Average time | Vanity | Average time |
| 1B | <1sec | 1Bitcoin | 1week |
| 1Bit | <1sec | 1BitcoinE | 1year |
Have they significance Importance Essential roles in transactions
Unique, concise, and clear aspect serves the primary purpose and stands it apart from the bunch of generic addresses while maintaining the protection of wallets simultaneously.
Used for transfer of cryptocurrencies from one wallet to another in a sustained manner without getting confused; consist of user-friendly code.
How safe are vanity addresses ?
Some businesses prefer using vanity addresses due to security by avoiding spoofing practices from hackers.
1mjZttHyfGty09ghtacFghtoy6hCn
1mjZtthyuTft5jui9Y7u4LkjhbhgTy
Here’s seen that the first 5 characters can be easily misread by the person for being the same address.Hence, using more special characters make it more valid for the users and more expensive for scammers for making a copy and attempting fraud.As according to the experts it’s important to check for the first and last letters of a vanity address.
Although there may be a chance hackers may get access to the servers and database and get the sources of public addresses and private keys of wallets and transfer funds to their sources.
By using 3rd party generators may lead to the disclosure of private keys or a copy.
However, they also offer services in which they use publicly generated keys during generation which can be risk-avoiding.
There’s a recent case that showcases the attempt to loot from the wallet:
A crypto user got hacked by $ 1 million in September 2022, when his Vanity address got hacked. The hack reported by the Peckshield alert resulted in the loss of 732 ETH (worth $950,000 at that time).
Conclusion
> Can be a useful tool for knowing the destination of funds for users.
> May look of no practical use when using generated wallets for long-term storage of large numbers of coins or assets.
Instead “Cold Storage” option may look beneficial for such:
> Hence, should be used with caution.