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'Hi everyone!

Any suggestions for an architecture to reach to Bitcoin's wallet structure for Ethereum?

Appreciate any help, R.

  • Geth version: 1.10.12-stable
  • Geth's web3 api version: 0.20.1
  • OS: Windows
  • web3.py version: 5.25.0
  • python version: 3.10.1
  • I started my geth using the following command: geth console --goerli --syncmode "light" --http --http.port 20000 --http.api personal,eth,net,web3 --allow-insecure-unlock
  • Related questions: #1 and #2

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Any suggestions for an architecture to reach to Bitcoin's wallet structure for Ethereum?

My suggestion is don't. Ethereum is not a UTXO blockhain, but an account-based one. Any Bitcoin like wallet structure on Ethereum is not practical, or not needed.

For creating a hot wallet please see this answer.

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    Thanks again for your useful reply. Are you referring to this approach? If yes, I did implement a modified version of this structure, but the problem was the high fee for users' contract deployment (~300k gas, ~$100 for each user's contract address). And, although I managed transferring ETH funds to the owner account without paying fee, but still had to pay fee for transferring erc20s to the owner's account. how can I minimize contract address creation & erc20 deposit fees (to send to the owner or automize it)? Jan 12, 2022 at 15:07
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    If the fees are problem then just don't use Ethereum. Use some of alternative EVM compatible chains like Avalanche, Polygon. There is little you can do for the fee problem. Jan 12, 2022 at 15:47
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    Thank you again for your great and innovative suggestions. As I do not have any idea on your suggestions, you mean that I can deploy my contract addresses on those chains and still be able to receive ETH and other ERC20s, with lower fees for deployment and deposits/withdrawals? I should go for it and test that. Aware of a start point? Thanks again. Jan 12, 2022 at 17:01
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    Yes. However, each blockchain has its own set of available tokens. There is some chain interoperability. For example, you can get the most popular tokens bridged to Polygon - transferred over Polygon bridge. So you are not getting the same set of tokens you would get on Ethereum mainnet. You are getting a different set of tokens. Jan 12, 2022 at 17:25
  • I am on coinmarketcap's top-100s (which contains 44 erc20s). I hope that I be able to do the job for those 44s.. I will report the results here. Thanks again in advance Jan 13, 2022 at 5:06

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