BIP32 — Hierarchical Deterministic Wallets A single 256-bit master seed deterministically generates an unlimited tree of (priv, pub, chain code) triples. Wallets derive new addresses without seed access at runtime. Master derivation Validate: (secp256k1 order). Retry with another seed if not. Child key derivation (CKD) Two flavours: Normal (unhardened) child, index i ∈ 0, 2^31) = compressed serialization of P (33 bytes). Public-key-only derivation works without private key: This is what makes xpub-only watch-only wallets possible. Hardened child, index i ∈ [2^31, 2^32) Cannot be derived from…