{"id":10635,"date":"2025-04-04T04:26:51","date_gmt":"2025-04-04T02:26:51","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=10635"},"modified":"2025-04-04T04:26:51","modified_gmt":"2025-04-04T02:26:51","slug":"understanding-the-ether-pre-sale-mechanics","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/04\/04\/understanding-the-ether-pre-sale-mechanics\/","title":{"rendered":"Understanding the Ether Pre-Sale Mechanics"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<p class=\"chakra-text css-gi02ar\">In the lead-up to the ether auction, we will be publishing a sequence of blog articles about our development strategies and planned organizational framework. Today, we outline some of the foundational aspects of the ether sale module.  The sale module will be featured on our website at <!-- --><a target=\"_blank\" rel=\"noopener\" class=\"chakra-link css-ug8vf0\" href=\"http:\/\/www.ethereum.org\/\"><span class=\"s1\">https:\/\/www.ethereum.org<!-- --><\/span><\/a> for the entire duration of the sale.<!-- --><\/p>\n<p><!-- --><br \/>\n<!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\"><b>What is it?<!-- --><\/b><\/p>\n<p><!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\">The ether sale is an HTML\/JavaScript web application that allows individuals and entities to pre-purchase ether tokens using bitcoin. Ether may be acquired by parties wishing to utilize it in their development of decentralized applications on the Ethereum framework or merely to pay for the usage of applications on the platform once the genesis block is released.  The application functions predominantly within the browser, featuring pseudo random number generation (PRNG) and encryption\/decryption of user secrets.<!-- --><\/p>\n<p><!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\">Furthermore, we will provide a standalone pure Python application that can be operated via a command line interface to buy ether instead of using the website shop.<!-- --><\/p>\n<p><!-- --><br \/>\n<!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\"><b>Website workflow:<!-- --><\/b><\/p>\n<p><!-- --><\/p>\n<ol role=\"list\" class=\"css-13a5a39\">\n<li class=\"css-cvpopp\">After accepting the store\u2019s Terms and Conditions, the purchaser inputs the desired quantity of ether to buy, their email address, a password for encryption, and generates a \u201crandom\u201d seed that forms the foundation for their transaction-specific bitcoin &amp; Ethereum addresses.<!-- --><\/li>\n<li class=\"css-cvpopp\">The <!-- --><span class=\"s2\">user<!-- --><\/span> purchaser sends payment in bitcoin to the generated address displayed on the store page and included in a downloadable encrypted wallet file. When the browser, which tracks the bitcoin blockchain, detects sufficient funds have been sent to this generated address, it initiates a new transaction forwarding the bitcoin to the genesis sale address. This transaction is authenticated by the buyer\u2019s browser and relayed to the bitcoin network. No transaction data is retained on <!-- --><span class=\"s2\">the<!-- --><\/span> any servers, as the Bitcoin blockchain acts as the purchase ledger.<!-- --><\/li>\n<li class=\"css-cvpopp\">Once the transaction has been successfully processed, the <!-- --><span class=\"s2\">user<!-- --><\/span> purchaser is prompted once more to download a backup of their encrypted wallet and will be emailed another backup file.  The buyer should realize that retaining the wallet as an email attachment poses a risk.  The email attachment should be stored on a secure computer as soon as possible, and the email should be deleted from the email system.<!-- --><\/li>\n<\/ol>\n<p><!-- --><br \/>\n<!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\"><em class=\"chakra-text css-0\">(What follows is technical information, the GUI we have developed presents all this in a very user-friendly manner)<!-- --><\/em><\/p>\n<p><!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\"><em class=\"chakra-text css-0\"><strong><br \/>\n<!-- --><\/strong><\/em><strong>Wallet encryption procedure:\u00a0<!-- --><\/strong><\/p>\n<p><!-- --><\/p>\n<ol role=\"list\" class=\"css-13a5a39\">\n<li class=\"css-cvpopp\">Generate a SEED randomly.<!-- --><\/li>\n<li class=\"css-cvpopp\">BKPKEY = sha3(SEED + \u201cx02\u2033)[:16]<!-- --><\/li>\n<li class=\"css-cvpopp\">KEY = pbkdf2(PW)<!-- --><\/li>\n<li class=\"css-cvpopp\">ENCSEED = encrypt(KEY, SEED)<!-- --><\/li>\n<li class=\"css-cvpopp\">WALLET = [ ENCSEED, BKPKEY ] (plus non-sensitive information such as ethereum and bitcoin addresses)<!-- --><\/li>\n<\/ol>\n<p><!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\">The BTC and ETH private keys and addresses are derived from the SEED.<!-- --><\/p>\n<p><!-- --><br \/>\n<!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\"><b>Seed recovery procedure:\u00a0<!-- --><\/b><\/p>\n<p><!-- --><\/p>\n<ol role=\"list\" class=\"css-13a5a39\">\n<li class=\"css-cvpopp\">WALLET + PW recovery:  (normal)<!-- --><\/li>\n<li class=\"css-cvpopp\">KEY = pbkdf2(PW)<!-- --><\/li>\n<li class=\"css-cvpopp\">SEED = decrypt(KEY, ENCSEED)<!-- --><\/li>\n<\/ol>\n<p><!-- --><br \/>\n<!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\"><strong>Summary of website steps for executing an ether purchase:<!-- --><\/strong><\/p>\n<p><!-- --><\/p>\n<ol role=\"list\" class=\"css-13a5a39\">\n<li class=\"css-cvpopp\">Purchaser clicks \u201cBuy Ether\u201d and accepts the Terms &amp; Conditions<!-- --><\/li>\n<li class=\"css-cvpopp\">Purchaser inputs initial buying information<br \/>\n<!-- --><\/p>\n<ol role=\"list\" class=\"css-347cfg\">\n<li class=\"css-cvpopp\">Purchaser specifies the amount of ether they wish to buy<!-- --><\/li>\n<li class=\"css-cvpopp\">Purchaser submits email address for the wallet backup file<!-- --><\/li>\n<li class=\"css-cvpopp\">Purchaser sets a passphrase, which acts as an encryption seed. A robust passphrase is strongly encouraged<!-- --><\/li>\n<\/ol>\n<p><!-- --><\/li>\n<li class=\"css-cvpopp\">Purchaser generates randomness by moving their mouse or tapping their screen. A \u201cseed\u201d is created based on this randomness along with other random system inputs. When the required randomness length is achieved, the wallet is generated utilizing the seed. The wallet comprises:<br \/>\n<!-- --><\/p>\n<ol role=\"list\" class=\"css-347cfg\">\n<li class=\"css-cvpopp\">a unique BTC address to receive the funds<!-- --><\/li>\n<li class=\"css-cvpopp\">a unique ETH address<!-- --><\/li>\n<li class=\"css-cvpopp\">an encrypted seed<!-- --><\/li>\n<li class=\"css-cvpopp\">a backup encrypted seed<!-- --><\/li>\n<\/ol>\n<p><!-- --><\/li>\n<li class=\"css-cvpopp\">The browser sale application verifies the newly created BTC address to check for incoming funds. Before any funds are sent, the purchaser has the chance to download the wallet. If any issues occur between transactions, funds sent to the buyer\u2019s personal deposit address will be recoverable with the passphrase. If the unspent balance of the BTC address exceeds 0.01 BTC, the browser sale application generates a signed transaction from the newly created BTC address with two designated outputs:<br \/>\n<!-- --><\/p>\n<ol role=\"list\" class=\"css-347cfg\">\n<li class=\"css-cvpopp\">an output of the total unspent balance minus miner fees to the main sale BTC address\u2014this btc address is where all funds are directed, it\u2019s a fixed, known BTC address.<!-- --><\/li>\n<li class=\"css-cvpopp\">an output of 10000 satoshi to a BTC address derived from the (string) ETH address\u2014this bitcoin address is for confirming ethereum addresses and is distinct for every transaction.<!-- --><\/li>\n<\/ol>\n<p><!-- --><\/li>\n<li class=\"css-cvpopp\">The browser sale application prompts the buyer to download their wallet again <!-- --><span class=\"s2\">&amp;<!-- --><\/span> additionally sends the buyer an email containing a backup for the ether wallet.  The same warning mentioned earlier applies. \u00a0Do not retain the wallet as an email attachment in an email system. \u00a0Download at the earliest convenience and ensure the email is deleted.<!-- --><\/li>\n<li class=\"css-cvpopp\">The browser sale application will indicate the quantity of bitcoin transaction confirmations<!-- --><\/li>\n<\/ol>\n<p><!-- --><br \/>\n<!-- --><\/p>\n<p class=\"chakra-text css-gi02ar\">So that\u2019s the gist of it! Although many technical processes occur in the background, the GUI we have created will facilitate the process as a step-by-step operation.<!-- --><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/blog.ethereum.org\/en\/2014\/07\/09\/how-to-make-a-purchase-in-the-ether-presale\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the lead-up to the ether auction, we will be publishing a sequence of blog articles about our development strategies and planned organizational framework. Today, we outline some of the foundational aspects of the ether sale module. The sale module will be featured on our website at https:\/\/www.ethereum.org for the entire duration of the sale.<\/p>\n","protected":false},"author":3,"featured_media":8282,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[1978],"class_list":{"0":"post-10635","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"tag-return-a-list-of-comma-separated-tags-from-this-title-background-on-the-mechanics-of-the-ether-pre-sale"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the Ether Pre-Sale Mechanics - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/04\/04\/understanding-the-ether-pre-sale-mechanics\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the Ether Pre-Sale Mechanics - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"In the lead-up to the ether auction, we will be publishing a sequence of blog articles about our development strategies and planned organizational framework. 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