Understanding Wallet Address Differences and Importing into NOW Wallet
Key Takeaways
- Address Differences Explained: Different cryptocurrency wallets generate varying addresses from the same mnemonic phrase due to differences in derivation paths, which define how wallets derive addresses from a seed phrase.
- NOW Wallet Import Features: NOW Wallet simplifies importing wallets from Trust Wallet and Exodus by allowing users to select the appropriate derivation path, ensuring access to previously generated addresses.
- Advantages of NOW Wallet: Features such as multi-language support, non-custodial access, live chat support, and compatibility with over 70 blockchain networks make NOW Wallet a user-friendly and secure choice for managing digital assets.
The generation of different addresses using the same mnemonic phrase is one of the frequent issues users face when migrating from one cryptocurrency wallet to another. The guide below explains why this happens and how to correctly import wallets from Trust and Exodus into NOW Wallet.
Why Do Addresses Differ?
The main reason different wallets generate different addresses from the same mnemonic phrase is because of the derivation path each wallet uses. A derivation path is a sequence that defines how addresses are to be generated from a seed phrase. Different wallets may implement distinct derivation paths, hence the difference in the resulting addresses.
What is the Derivation Path?
In general, a derivation path is simply the steps your wallet follows to derive any number of cryptocurrency addresses from one seed phrase, often referred to as mnemonic seed. Think of it like this: a roadmap showing how the wallet will provide multiple addresses for different cryptocurrencies.
A typical derivation path looks like this: m/44'/0'/0'/0/0. Each part of this path has a specific meaning:
- m: This represents the master key or root of the wallet.
- 44': This indicates the purpose, following the BIP44 standard, which is commonly used for hierarchical deterministic wallets.
- 0': This denotes the coin type (0' for Bitcoin, 60' for Ethereum).
- 0': This specifies the account number.
- 0: This indicates whether the address is for external (public) use or internal (change).
- 0: This is the index of the address in that account.
Generating Different Addresses
By changing parts of the derivation path, wallets can generate unique addresses from the same seed phrase. For example:
- For Bitcoin, the path might be: m/44'/0'/0'/0/0.
- For Ethereum, it could be: m/44'/60'/0'/0/0.
This means that if you use the same seed phrase in different wallets or with different paths, you may see different addresses.
Examples of Address Differences
Using Solana in Exodus vs. Trust Wallet:
- Using Solana in Exodus: If you input your seed phrase in Exodus, it might generate an address like "Bf4e9RQZpv2GXFJ5J8r4z7oEjJ5Y9QVAPFZpTd1iJUou".
- Using the Same Seed Phrase in Trust Wallet: If you use that same seed phrase in Trust Wallet, it might create a completely different address, such as "A1b2C3d4E5f6G7h8I9j0K1l2M3n4O5p6Q7r8S9t0U1v".
These differences occur because each wallet may implement its own derivation path, even though they start from the same seed.
Importing Wallets into NOW Wallet
With NOW Wallet, you already have the ability to import existing wallets using mnemonic phrases from other wallets, including Trust Wallet and Exodus. Here's how you can do it:
Open NOW Wallet: It should be updated to the latest version on your device.
Choose Import Option: Go to Settings, click ‘+ Add new portfolio,” choose “I’ve got a recovery phrase” option.
Enter Mnemonic Phrase: Enter your 12 or 24-word mnemonic phrase from your previously used wallet, either Trust or Exodus.
Choose Derivation Path: If asked, choose the appropriate derivation path that corresponds with your previously generated wallet.
Complete Import: Complete any final steps involved with the import process.
User Feedback and Future Improvements
We encourage all our users to reach out if they want to see more platforms supported for wallet imports. Your feedback is important as we work around the clock to make our wallet the best it can be.
Why NOW Wallet?
NOW Wallet has a number of advantages that make your crypto journey smooth and enjoyable:
- Multi-Language Support: Currently, NOW Wallet supports 10 major languages, which means this wallet is easily approachable from almost every part of the world.
- Live Chat Support: NOW Wallet also provides fast support via its support email or through Telegram chat, ensuring a quick response for the users.
- Wallet Sorting/Filtering: Sort assets by market cap, price, or alphabetically. It is also possible to hide wallets with zero balance and block scam wallets for a cleaner interface.
- Push Notifications: Get real-time notifications on transactions and exchanges to keep oneself updated about asset activities.
- Add Custom Tokens: Users can add tokens from EVM-compatible blockchains-like Ethereum and Binance Smart Chain, and the Tron blockchain, expanding their asset management options. Learn more about this feature here!
- Non-Custodial Access: Users retain ownership of their private keys, securing security and privacy.
- Supports a Wide Blockchain Network: NOW Wallet allows interaction with over 70 blockchain networks, supporting more than 1500 different digital assets.
- User-Friendly Interface: It was created with simplicity in mind, so now the NOW Wallet is comfortable both for new and experienced users.
