The magic of blockchain is the have a master private key yet generate infinite public keys. Those public keys are known as a Litecoin addresses.
This means when you tap Receive , Litewallet generates a brand-new , never used address for your use. And if you give that to a payee, Litewallet recognizes that address as associated with the private key (your 12 words) without giving away your private key & the transactions all show up in your Litewallet History view.
Pretty cool, huh?
Historically, any blockchain (like Bitcoin or Ethereum) is built on this same cryptographic concept. And the ideal situation is an address is used only once. This doesn't mean you cannot receive Litecoin once, but it is ideal because Litecoin addresses are publicly searchable. Someone with that address can track your balance.
Some people give a regular payee and address or a searchable domain :
like lite-wallet.crypto = MCdu7qk5Yhx1H8nWpyh1FSXRZRFcNBNxff
from our partner Unstoppable Domains
Comments
1 comment
What happens if ltc is sent to the old address created by the wallet?
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