Each private key has 1 public key. The 12 or 24 mnemonic seed is not the private key, but these words can be converted to some hierarchical determinastic master key wich can produce many sets of public /private key pairs. So it is basically like a password to unlock all possible keys that these words can produce.
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Homework on Public and Private Keys - Questions
- Describe the concept of public and private key with your own words.
- What 2 use-cases can public key cryptography be used for?
1.Through hash function we achieve a random number which actually is our private key and is not to share and then private key through mathematic process generates Public key which is to share like a BTC Address that anyone can see and send us BTC.
2.
A.Encryption
B.Digital Signature
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way to move information on unsecure network securely
crypto currencies and digital signatures
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Hash functions are not used as a source of randomness (though in a way they probably could be). A random function is usually part of the programing language or the operating system itself that provides a source of randomness.
I admit I don’t know how they work since they can be quite complex and its been years since I’ve been in school 
Cryptocurrencies mostly utilize digital signatures to work (you sign a transaction 
). The other use case is encryption 
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- Describe the concept of public and private key with your own words. Private key is random number you need to keep safe and secret, that is used to create a public key. The public key cannot derive the private key.
- What 2 use-cases can public key cryptography be used for? Encryption, Digital Signatures
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- Describe the concept of public and private key with your own words.
I generated a very large random number no one can guess and thereafter use a hash function to determine its corresponding pair - public key and make it available. This large number i generated is called my private key. When i need to send information over a wire to prevent anyone from eaves dropping on the message, i encrypt the message with the other party’s public key. Only the one with the private key that corresponds to that public key can decrypt the message. - What 2 use-cases can public key cryptography be used for?
Signing transactions
Mining blocks on Bitcoin
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- but use encryption but the private uses asymmetrical. Together they contain the necessary data to send transaction data and other forms of data.
2 Cryptocurrency and for smart contracts
1. Describe the concept of public and private key with your own words.
Private key is a very large random number generated by your computer.
The private key is used to generate the public key through a special formula.
Public key (derived from private key) is available for the anyone to see.
It is impossible to determine the private key from a public key. Only private --> public key.
2. What 2 use-cases can public key cryptography be used for?
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Encryption
Problem:
Person A wants to send a message to person B such that only person B can see the message.
Solution:
Person A can send an encrypted message to person B by…
a. Taking the public key of person B to encrypt the message and send it to person B.
b. Person B can decrypt the encrypted message by using person B’s private key. -
Digital Signatures
Problem:
Person A wants to send a message to Person B.
Person B wants to verify that the message that was sent to him/her actually came from person A.
Solution:
a. Person A signs the message with a signature derived from person A’s private key.
b. Person B receives the signed message from Person A.
c. Person B then takes Person A’s signature and uses Person A’s public key to verify that the
the signature came from the private key that generated Person A’s public key.
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We use the elliptic curve function to derive public keys.
Blocks are mined using hash functions (SHA256). Public key cryptography however can also be used for encryption.
Public key cryptography uses private and public keys to enable secure communication between two parties. One can either send an encrypted message to the owner of the private key. Or an entity can verify that the message was signed by the owner of the private key using the corresponding public key.
Both of these are examples that utilize digital signatures. The other use case would be encryption.
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- Describe the concept of public and private key with your own words.
The computer generates a private key, which is just a random number. Then through a formula, using the private key, we get to the public key. In Bitcoin the public key is used to also generate the address to where Bitcoin can be sent. For making the transaction the private key is used.
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What 2 use-cases can public key cryptography be used for?
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Encryption: to tear up messages that can be decrypted later on. It is done through the public key, which encrypts the message, and the private key decrypts the message.
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Digital signature: in order to sign a document to demonstrate the identity of the sender. In this case the private key is sent, and with it the receiver can verify if the private key sent can generate the public key of the sender. That way the receiver verifies that the sender is who he claims to be.
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1 The public key is generated from the private key and its used by others to authenticate that the message is from you. After that they encode the data using your public key and then u can’t use your private key to decript the message data
2 a) Ecrypt and decrypt data that is broadcasted publicly.
b) Verify the authenticity of a password
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You can verify the authenticity of the owner of the message. Passwords in traditional databases are usually hashed.
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- Private keys are randomly generated on the computer, from which the public key is derived. A public key is available for all to see, while the private key is seen/used only by the owner of the key. If someone were to get ahold of another’s private key, they can, for example, take all of their Bitcoin or other currency. Which would be a horrible thing.
- Encryption and Digital Signatures.
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Love the visual aid. Thanks!
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The public key originates from the private key and is for public display. It cannot be traced back to the private key. The private key is to be kept safe as it gives whoever holds it access to information/money/crypto.
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Assymmetric cryptography, or public keys, can be used for digital signatures for the purpose of identification of oneself and securing the integrity of data. Sending information through an open network (encryption) is the second use-case.
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Private keys are used to sign contracts & decrypt incoming messages + transactions; Public keys are used to send encrypted messages + transactions to private keys.
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Sending messages + transactions
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1 Describe the concept of public and private key with your own words.
Public key is unique number is derived from private key which can be used in a unsecured environment, but should come under any malicious hacks it won’t affect the private key
2 What 2 use-cases can public-key cryptography be used for?
Encrypting and having a digital signature which encourages transparency and resistant to malicious activity.
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Homework on Public and Private Keys - Questions
- Describe the concept of public and private key with your own words.
Public keys are shared everywhere for anyone to see and are used to encrypt private messages. Private keys are kept private and used to decrypt the private message.
- What 2 use-cases can public key cryptography be used for? Encryption and digital signature
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