Understanding derivation paths
A derivation path is a hierarchical sequence that guides wallet software through different branches of a key tree, starting from the master seed. Each level represents a specific purpose or partition of keys, enabling organized and deterministic address generation .
The BitBox02 uses the BIP32 extended master private key designated as m to initiate this hierarchy . Under BIP44, the first two levels are standardized: 44’ for multi‑account support and 60’ for Ethereum as defined in SLIP‑44 . The account level allows separate accounts under the same seed, starting at 0’ by default .
Although BIP44 includes a change level (0 for external addresses, 1 for change addresses), for Ethereum the BitBox02 sets the fourth component to 0 (external chain) and uses the fifth component to represent the address index or “account” within the BitBoxApp .
Ethereum derivation path details
- Extended master private key (m): the root of all derived keys
- Purpose (44’): indicates the use of BIP44 for multi‑account derivation
- Coin type (60’): specifies Ethereum according to SLIP‑44
- Account (0’): default account index, incremented for additional accounts
- Change (0): external (receiving) address chain
- Address index (0,1,2…): sequential numbering for each address
By following the default Ethereum derivation path used by the BitBox02, you ensure standardized address generation, seamless compatibility with wallet applications, and straightforward management of multiple accounts and addresses. Always double‑check and securely record your path settings if you deviate from the default.