When I was doing more research on
WIF Private key, I became a little baffled. All I know is that this WIF (Wallet Import Format) of private key is easy to handle and copy, implying that it is not as long as 256 bit, and that it is a short form of private key that makes handling or saving easier.
WIF private key creation has some specific additional features that I am not entirely clear on. Among the features are:
1. Byte version prefix,
2. The suffix Comparison Byte
3. a checksum
Dose that means that after someone has generate wallet's private key and decide to change it to WIF format, one must include these extra features?
If so, then
Mainnet's prefix begins with 0x80, while the
Testnet's begins with 0xEF. What is the most important factor to consider when providing this difference?
Also, as previously stated,
CHECKSUM functions as an error detector, which means that while inserting the wallet, it will detect if it is correct. So, what types of errors does Checksum detect?
Finally, I understand that a WIF private key is a base58 format of a private key that can be described as an alternative way to display the original private key, and that it is possible to return to the original format of the private key, but the steps and processes to achieve this WIP format are confusing.
More explanation is required here pls.
source of research:
learnmeabitcoin.com