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CIP Title Authors Comments-Summary Comments-URI Status Type Created License
1855
Forging policy keys for HD Wallets
Samuel Leathers <samuel.leathers@iohk.io>, John Lotoski <john.lotoski@iohk.io>, Michael Bishop <michael.bishop@iohk.io>
Multi-party transaction signing and key management for HD wallets.
Draft
Standards
2021-06-02
CC-BY-4.0

Abstract

This document describes how to derive forging policy keys used for minting/burning tokens.

Glossary

Term Definition
HD Hierarchical Deterministic, refers to wallets as described in BIP-0032.

Motivation

Overview

Forging tokens is derived from a script policy. The script policy includes hashes of keys needed to forge new tokens and must be witnessed by the keys with hashes listed.

Specification

HD Derivation

We consider the following HD derivation paths similarly to CIP-1852:

m / purpose' / coin_type' / policy_ix'

To associate policy keys to a wallet, we reserve however purpose=1855' to reserve for policy keys for forging tokens. The coin type remains coin_type=1815' to identify Ada as registered in SLIP-0044. We use a hardened index for each policy key as derivation is not needed.

We can summarize the various paths and their respective domain in the following table:

purpose coin_type policy_ix
1855' 1815' [2^31 .. 2^32-1]

Rationale

  • ERC20 Converter IOHK is developing needs to keep track of policy keys. Rather than having randomly generated policy keys, a policy key can be associated with a mnemonic which is easier to backup.

  • A 3rd party may want to have multiple tokens tied to same mnemonic, so we allow an index to specify the token.

  • We use a different purpose for mainly two reasons:

    • It prevents mixing up standard wallets with policy keys used for forging.

    • Using a different purpose also fits well the use-case on hardware wallets who can still rely on a single root seed to manage many types of wallets.

Examples

  • m/1855’/1815’/0’
  • m/1855’/1815’/1’
  • m/1855’/1815’/2’

Backwards Compatibility

N/A (no preceding implementation or design).

Reference Implementation

None yet.

Related Work

Description Link
BIP-0032 - HD Wallets https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki
CIP-5 - Common Bech32 Prefixes https://github.com/cardano-foundation/CIPs/tree/master/CIP-0005
CIP-1852 - Cardano HD Wallets https://github.com/cardano-foundation/CIPs/tree/master/CIP-1852
A Formal Specification of the Cardano Ledger https://hydra.iohk.io/job/Cardano/cardano-ledger-specs/shelleyLedgerSpec/latest/download-by-type/doc-pdf/ledger-spec

Copyright

CC-BY-4.0