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How does Add Account Work

BIP39​

Bitcoin Improvement Proposal (BIP) 39 defines a formula for the generation of a mnemonic sentence (also referred to as mnemonic words, seed phrase, recovery phrase, etc.) the generation of a seed from that mnemonic sentence. The seed phrase is used to produce your private and public keys.

BIP32​

BIP 32 is a specification for creating Hierarchical Deterministic wallets. They are wallets that from a root can generate multiple "child" private keys in a deterministic way. You only need to remember the "path" of the child key.For example hardware wallets use them from a single root you can generate separate keys for Bitcoin (with path m/44'/0'/0'/0) and Ethereum (path m/44'/60'/0'/0).

Add Account in Binance Extension Wallet​

Binance Extension wallet would use a similar way to generate keys as Ethereum, i.e. derive the private key using BIP32/BIP44 with HD prefix as "44'/60'/", which is the same as Ethereum's derivation path.

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Whenever you click on “Add Account”, your seed is extended at the end by a counter value which makes it possible to automatically derive an unlimited number of new addresses in your extension wallet.