What is the purpose of base58 conversion in the Coinbase transaction?

3 answers

• Dec 27, 2021 · 3 years ago
  Base58 conversion is used in the Coinbase transaction to encode the public key hash. This encoding scheme is used instead of the more common base64 encoding because it eliminates certain characters that can cause confusion or errors when inputting or transmitting the encoded data. Base58 encoding also removes characters that look similar, such as '0' and 'O', '1' and 'l', to avoid potential mistakes. By using base58, the Coinbase transaction ensures that the encoded data is easily readable and error-free.
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• Dec 27, 2021 · 3 years ago
  The purpose of base58 conversion in the Coinbase transaction is to create a shorter and more human-friendly representation of the public key hash. Base58 encoding removes certain characters that can be easily confused, such as '0' and 'O', '1' and 'l', making it less prone to errors when inputting or transmitting the encoded data. This encoding scheme is commonly used in cryptocurrency transactions to improve readability and reduce the risk of mistakes.
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• Dec 27, 2021 · 3 years ago
  In the Coinbase transaction, base58 conversion is used to encode the public key hash. This encoding scheme is chosen because it provides a more compact representation compared to base64 encoding. By removing certain characters that can cause confusion or errors, base58 encoding ensures that the encoded data is easily readable and less prone to mistakes. This is particularly important in cryptocurrency transactions where accuracy and security are crucial.
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