I am working on a platform where users can register and can have wallets with multiple addresses (one address for each coin/network). I found something in Binance APIs where you're able to create sub-accounts and for each subaccount, you can set the coin and so for each one, you can get a unique address. I don't know if this is the best practice to generate new addresses for the users
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why do you need binance?– user253751Apr 29 at 14:46
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@user253751 Not necessarily Binance, I am new in crypto and only have some experience in binance APIs, I can use any library to create the addresses for each user after they register in the platform so they must be able to receive crypto to that addresses, do you have any suggestions please?– Marwan AswadApr 30 at 9:23
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Look up how e.g. hierarchical deterministic wallets work. In very simple terms, they generate a series of addresses based on the same private key. But that's only useful if you want to only have one private key (and e.g. generate more public addresses without knowing the private keys). If you don't have special requirements then you can just generate new addresses the same way you generated the first one.– user253751May 2 at 11:54
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@user253751 Yes that's exactly what I need, the idea is that each registered user must have a wallet to use it for deposit and withdraw bitcoin, ethereum, litecoin,... so for each coin he must have an address that's generated after success registration on the fly. Can you please help about the best way to do this– Marwan AswadMay 5 at 9:08
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how did you generate the first address?– user253751May 5 at 9:09
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1 Answer
It is not. It will be safer, easier, and reliable, to use a library designed for address creation.
https://www.binance.com/en/support/faq/360020632811
What is a Sub-Account? Sub-account allows you to trade through multiple accounts. You can use it to clearly divide responsibilities and manage transactions ...
It is not the intended design of Binance for your use case.
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Thank you @Gerschel, can you please share some examples for libraries used in address creation? Apr 30 at 9:19
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I have not tried out any libraries. I had written my own; because I didn't know which would be "better" or "safer"; so I wanted to understand the process. Security is a big issue, who's managing the server security, who has access to do so, backups. This topic is just beyond my scope at the moment.– GerschelMay 1 at 12:47
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@MarwanAswad I can share some knowledge with you on how to do it, make the bips less dense. Do go and continue with your homework, it's going to be a bit, I need to write it up between work. What's your programming language preference?– GerschelMay 1 at 13:03
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it's highly appreciated if you can guide me with the needed steps, my project is written in PHP, and I think I can use any programming language to handle the addresses creation and call the needed web services from my PHP project, what do you think? May 5 at 7:05