Ethereum Improvement Protocol
EIP 39, or Ethereum Improvement Proposal 39, is a proposal for improving the way that Ethereum addresses are generated and managed. It was introduced in the Ethereum codebase in 2018 and implemented in the Constantinople hard fork in 2019.
One of the main goals of EIP 39 is to simplify the process of generating and managing Ethereum addresses. Under the current system, users need to remember long and complex private keys in order to access their Ethereum addresses and funds. EIP 39 introduces a new way of generating Ethereum addresses called "bip39," which allows users to create a single seed phrase that can be used to generate multiple Ethereum addresses. This makes it easier for users to manage their Ethereum addresses and reduces the risk of losing access to their funds due to lost or forgotten private keys.
EIP 39 also introduces a new format for Ethereum addresses called "EIP 55," which is designed to be more resistant to errors and typos. EIP 55 addresses have a checksum that helps to ensure that the address is entered correctly, reducing the risk of accidentally sending funds to the wrong address.
EIP 39 affects wallets in several ways. First, wallets that support EIP 39 will allow users to generate and manage their Ethereum addresses using the new bip39 seed phrase method, which is more user-friendly and secure than the old private key method. Second, wallets that support EIP 39 will be able to recognize and use EIP 55 addresses, which can help to reduce the risk of errors and typos when sending transactions. Finally, wallets that support EIP 39 will be able to take advantage of other improvements and optimizations introduced in the Ethereum codebase as a result of the EIP 39 proposal.