Public key cryptography is a fundamental tool used to keep messages and transactions secure in the world of crypto. In order to understand how it works, it's important to first understand what a public key is.
A public key is a long string of numbers and letters that is used to identify a user on the blockchain. It's called a "public" key because it can be shared with anyone. In fact, you'll often see public keys referred to as "wallet addresses."
The other half of the public key cryptography equation is the private key. This is a secret key that is used to sign transactions and messages on the blockchain. It's called a "private" key because it must be kept secret at all times.
Here are a few of the different ways you might use a public key in crypto:
Receiving payments: If you want to receive payments in cryptocurrency, you'll need to provide the sender with your public key. They'll use this key to send the cryptocurrency to your wallet address.
Verifying transactions: Each transaction on the blockchain is verified using public key cryptography. When a transaction is sent, it's signed with the sender's private key. When the transaction is received, it's verified using the sender's public key.
Interacting with smart contracts: Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. To interact with a smart contract on the blockchain, you'll need to use your public key to identify yourself.
Authenticating identity: Public key cryptography can also be used to authenticate identity. For example, if you want to prove that a message or document came from you, you can sign it with your private key. The recipient can then verify the signature using your public key.
Overall, public key cryptography is an essential tool for anyone using crypto. Whether you're sending and receiving payments, interacting with smart contracts, or authenticating your identity, your public key will play a crucial role in keeping your transactions and communications secure.
KEY TAKEAWAYS
Public key cryptography is used to keep messages and transactions secure in the world of crypto.
A public key is a long string of numbers and letters used to identify a user on the blockchain.
A private key is a secret key used to sign transactions and messages on the blockchain.
You might use a public key to receive payments, verify transactions, interact with smart contracts, or authenticate identity.
Your public key plays a crucial role in keeping your transactions and communications secure in the world of crypto.
Read More: WHAT IS A PRIVATE KEY?
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