Ethereum: ELI5: What is the difference between a child key and a hardened child key in BIP32

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Here is an article that explains the concept of child keys in BIP32 in a way that is easy to understand, even for a 5-year-old:

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What’s going on in the background when we talk about Bitcoin and Ethereum wallets?

Imagine you have a super-secret box where you keep your favorite toy. You want to share it with a friend, but you don’t want anyone else to know what’s inside.

In digital wallets like Bitcoin and Ethereum, there are special “keys” that help control access to the toy (the wallet). But how do they work?

Let’s talk about two types of keys: child keys and hardened child keys.

Child Keys

Imagine your friend wants to borrow your secret box. You told him, “Okay, you can take a look inside, but just for a minute.” That’s like giving him a child’s key.

A Child-Key is a copy of the original key that does not have all the information about the toy (wallet). Think of it as a simplified version of the toy. This Child-Key is good for borrowing things from the owner, but not for storing the toys themselves.

Reinforced Child-Key

Now imagine your friend comes back and says, “Hey, I borrowed your secret box, but now I need to keep it safe!” You say, “Okay, here’s a reinforced Child-Key. This has all the information about my toy (wallet) included.”

A reinforced Child-Key is just like the original key itself! It’s a special version that includes all the information about the toy (wallet). But unlike a regular Child-Key, a reinforced Child-Key cannot be easily copied or shared with others.

Why are they different?

Think of it this way: if someone had a really long password to get into your secret box, a Child-Key would only give them access for one minute. A Child-Key would not protect the toy (wallet) itself.

But when you create a Hardened Child-Key, you’re creating a special key that can only be used with the actual toy (wallet). This way, even if someone gets a copy of your Hardened Child-Key, they won’t be able to access all of your toys (wallets).

In BIP32

Bitcoin Improvement Proposal 32 (BIP32) is a set of rules for creating and managing digital wallets. In BIP32, child-keys are generated based on the primary key (the original key). The idea is that when you create a wallet, you can choose to use either a Child-Key or a Hardened Child-Key.

When you generate a Child-Key, it’s like creating a simplified version of your toy (wallet). But if you want to store all of your toys (wallets) securely, you need to use a Hardened Child-Key.

In short: Child-Keys are like simplified versions of the original key, while Hardened Child-Keys are like the original key itself. They are designed to protect your digital assets from unauthorized access and sharing.

Hope this helps!