Base58 - Definition from the Hotspot Shield Encyclopedia
Base58 is a scheme that aims to represent large integers (numbers) as alphanumeric text.
The scheme uses Binary text encoding, but it differs from Base64 as it avoids the use of non-alphanumeric characters which makes it easier for human interpretation and data entry. Characters that are omitted are O (Capital O) and 0 (Zero), I (Capital i) and l (lower case l) and + and / - All of these characters can easily be confused with other letters and numbers. Base58 is suited for encoding large integers, but is not suitable for encoding sections of binary data. Applications of base58 include creating different addresses such as Bitcoin and Ripple addresses.