Why is the same Wallet Address shared for Ethereum and the other 6 networks?

Created by Ethos Support, Modified on Fri, 24 May 2024 at 11:32 AM by Ethos Support

The concept of a wallet address being the same across multiple blockchain networks like Ethereum, Binance Smart Chain (BSC), Avalanche, Polygon, and others typically arises from the use of a standardized format for wallet addresses known as the Ethereum address format.

These blockchain networks are often referred to as Ethereum Virtual Machine (EVM) compatible chains because they are designed to be compatible with Ethereum's smart contract functionality and tooling. As a result, they utilize the same address format and public-private key pair generation mechanism as Ethereum.

Here are the key reasons why wallet addresses can be the same across these EVM-compatible chains:

Ethereum Address Format: The wallet addresses used on Ethereum and EVM-compatible chains follow the same format, which starts with "0x" followed by a 40-character hexadecimal string. This format was originally established by Ethereum and has been adopted by other chains to maintain compatibility.

Public-Private Key Pair Generation: Wallet addresses are derived from the public key of a cryptographic key pair, using the same elliptic curve cryptography (ECC) algorithms across EVM-compatible chains. As a result, the same private key can generate the same wallet address on multiple chains.

Interoperability: Because these chains are EVM-compatible, they share many common standards and protocols, making it easier for users to interact with them using existing Ethereum tools, wallets, and infrastructure. This interoperability extends to wallet addresses, allowing users to use the same address across multiple chains.

Cross-Chain Bridges: Some projects and protocols have implemented cross-chain bridges or interoperability solutions that enable assets to be transferred seamlessly between different EVM-compatible chains. In these cases, users can use the same wallet address to access and manage their assets across multiple chains.

It's important to note that while wallet addresses may be the same across multiple EVM-compatible chains, the assets associated with those addresses are specific to each chain. For example, if you send Ether to an address on the Ethereum network, you cannot access that Ether on the Binance Smart Chain using the same address. Each chain operates independently, and assets are not interchangeable between them without using specific interoperability solutions.

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