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For the first norm-one assertion, use the usual unital Banach algebra convention $\Vert 1\Vert =1$. A character of an algebra is a nonzero complex linear multiplicative functional, initially without any continuity assumption. It satisfies $\phi (1)=1$, since otherwise $\phi (a)=\phi (a1)=0$ for every $a$. Moreover, $a-\phi (a)1$ cannot be invertible: applying $\phi$ to an inverse identity would give $0=1$. ThusThis proves automatic continuity of characters and $\Vert \phi \Vert \le 1$. Evaluation at the normalized identity gives the reverse inequality, soIf a convention permits $\Vert 1\Vert >1$, only $\Vert \phi \Vert \le 1$ follows in general: on $\mathbb{C}$ with norm $2|z|$, the identity character has norm $1/2$. The later completion argument needs only the upper bound.

If $a$ is invertible, $\phi (a)\phi (a^{-1})=1$, so every character is nonzero on $a$. Conversely, if $a$ is not invertible, its principal ideal is proper and lies in a maximal ideal $M$ by Zorn lemma. The ideal $M$ is closed: if its closure were the whole algebra, it would contain $m$ with $\Vert 1-m\Vert <1$, making $m$ invertible by the Neumann series, which is impossible for a proper ideal. Maximality therefore gives $\overline{M}=M$. The quotient $A/M$ is a complex Banach division algebra, hence is $\mathbb{C}$ by the Gelfand-Mazur theorem. The quotient map yields a character vanishing at $a$. Consequently

Now let $A=C(K)$. Its evaluation characters give the map $x\mapsto {\delta }_x\in {\Phi }_A$. Every character has this form. Indeed, its kernel is a proper ideal. If the functions in that kernel had no common zero, compactness would give finitely many $f_1,\dots ,f_m$ in the kernel with no common zero. Then $h={\sum }_j\overline{f_j}{f}_j$ belongs to the kernel and is everywhere positive, hence is invertible in $C(K)$, a contradiction. At a common zero $x$, the fact that $f-\phi (f)1$ belongs to the kernel gives $f(x)=\phi (f)$ for every $f$. Continuous functions distinguish points of the compact Hausdorff space $K$, so the map is bijective. It is continuous for the Gelfand topology, and the compact-to-Hausdorff continuous bijection theorem givesFor $K=\varnothing$ the norm comparison is trivial; assume henceforth that $K\ne \varnothing$.

Let $B$ be the completion for the other algebra norm $\Vert \cdot {\Vert }_1$. It remains commutative and unital, with $A$ embedded densely. The restriction of any $\psi \in {\Phi }_B$ is a nonzero character of $A$, since it takes $1$ to $1$, and is automatically continuous for the original supremum norm. Thus $R(\psi )=\psi {|}_A$ maps into ${\Phi }_A$. It is injective because two continuous characters agreeing on the dense subalgebra $A$ agree on $B$, and it is continuous because each coordinate $R(\psi )(f)=\psi (f)$ is weak-star continuous.

The character space ${\Phi }_B$ is weak-star compact even if its identity was not normalized: the spectral bound puts all its characters in $B_{B^{\ast }}$, and the conditions $\psi (1)=1$, $\psi (bc)=\psi (b)\psi (c)$ define a weak-star closed set. Apply Banach-Alaoglu theorem. Consequently $R$ is a homeomorphism onto a closed subset $L\subseteq K$.

Suppose $x\in U=K\setminus L$. The compact Hausdorff space $K$ is normal, so choose an open $V$ with $x\in V\subseteq \overline{V}\subseteq U$. By the Urysohn lemma, choose $g\in C(K)$ with $g(x)=1$ and $g=0$ on $K\setminus V$, and choose $f\in C(K)$ with $f=0$ on $\overline{V}$ and $f=1$ on $L$. Then $fg=0$. Every character $\psi$ of $B$ restricts to evaluation at a point of $L$, so $\psi (f)=1$. The invertibility criterion proved above makes $f$ invertible in $B$. Multiplying $fg=0$ by $f^{-1}$ in $B$ gives $g=0$, contradicting $g(x)=1$. Therefore $U=\varnothing$ and $R$ is onto $K$.

For each $x\in K$, choose a character ${\psi }_x\in {\Phi }_B$ extending ${\delta }_x$. Its spectral bound givesTaking the supremum over $x$ proves the minimality of the supremum norm on C(K):