Homework on Public and Private Keys - Questions

Blockchain and Bitcoin 101
#3182

After doing some dd on the subject i see that although i was wrong about sha256 the cryptography behind the pub and private keys could still be considered as putting the cryptp in cryptocurrency. I knew about ssl encryption but i didnt know that bitcoin uses the same process that the rest of the internet uses for security. So basically if bitcoin is compromised so is the rest of the internet and at the moment blockchain is at the peak of safety and security as far as known technologies is concerned. That eliptical curve stuff is a bit beyond my comprehension but that just makes me beleive in it even more. I feel like in general people kind of miss the meaning and significance of the word crypto pertaining to these digital currencies. They could just call it that “digital coin” or something, but the words crypto are put in there for a reason. If people understood this more then they would understand the value of bitcoin more. Your purchasing a peice of an infrastructure that is currently still in its initial foundation stage with the hopes that the infrastructure will grow and become more relevant. Im in the stock market everyday, been trading for about 3 years now and bitcoin has 1000 times more potential growth than alot of the companies people invest in. When you look at bitcoin like that you cant claim its a scam any more than you could with one of those little bio tech research companies with 12 employees and a 200 million dollar market cap. There are literally thousands of such companies on the NYSE right now but they dont receive the criticism bitcoin dose. Like the sayimg goes, “When they start hatin, u know u doin somethin right.”

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#3183
  1. Describe the concept of public and private key with your own words.

The private key is the hart of ypur wallet, you use it to control and maintain your crypto assets in your wallet, your private key is used to chack and authorize any transaction and to verify is a transaction is valid. The public key is like a bank account number, it is the basis for the wallet and is used as the address to send and recieve your assets.

  1. What 2 use-cases can public key cryptography be used for?

Digital signature and encryption

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#3184

A private key is generated by a computer and it is a very long and random number.
A public key is generated from the private key via a mathematical formula.
It is possible to know the public key from the private one, but not vice-versa. If the private key is lost, the information/ message/ wallet cannot be accessed.

Encryption & Digital Signature

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#3185

I totally agree. The problem is that most of these technologies are used behind the scenes and even developers are not really aware of them these days and just take them for granted. I used to be the same until I started researching Bitcoin by myself. And if even the technically versed people in the IT field don’t know much about it, then you can only imagine what some daily Joe thinks of it.

#3186

  1. Describe the concept of public and private key with your own words.
    A public key is used for others to send you messages, while your private key can unscramble the incoming message.

  2. What 2 use-cases can public key cryptography be used for?
    Creating crypto addresses, and sending private messages.

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#3187

Private keys are secret, public keys are not. You create both so that you can give out your public key, and then encrypt messages with someone else’s public key and only they can read the message with their private key.

Signatures and messaging

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#3188

  1. Public keys are generated from the private keys. Public key is used to encrypt info and private keys decrypts that information.

  2. Digital signatures and encryptions.

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#3189

My Computer generates a random big nummer, which is my private key.
From then a mathmaticel formular derives from my private key to public key.

Encryption and Digital Signatures.

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#3190

Describe the concept of public and private key with your own words.
Your private key is something you can get your computer to generate for you and you need to always keep that in a safe and secret place. You then use your private key to generate your public key and that is what you can share with others as a digital signature or bitcoin address. The public key can never be reverse engineered to figure out the private key it was derived from.

What 2 use-cases can public key cryptography be used for?
encryption, and digital signatures

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#3191

Homework on Public and Private Keys - Questions

1. Describe the concept of public and private key with your own words.
With a certain formula you can create a private key. Your private key consists out of a very large number. With another formula you can create a public key through your private key. Your public key is shared with others to encrypt or sign data only you can decrypt with your private key. That’s why it is very important that only you have acces to your private key.

2. What 2 use-cases can public key cryptography be used for?
Public key cryptography can be used for the encryption of data and for signing data with a digital signature.

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#3192

  1. a private key is a randomly generated number your computer comes up with and the public key is the encryption of your private key.

  2. It can be used for encryption and digital signatures

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#3193

  1. The public key is a way people can pay you. The private key is the way you can pay. If you don’t control your private keys you don’t have control of your money.

  2. Encrypting and a digital signature (ID).

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#3194

Homework on Public and Private Keys - Questions

  1. Describe the concept of public and private key with your own words.

  2. A public key is a key that can be used to encrypt a message / a private key is a key that can be used only to de-crypt a message or transaction. A private key stays always hidden from the public and under your complete control, a public key can be seen by anyone like the name implies!

  3. What 2 use-cases can public key cryptography be used for?

A public key can be used to encrypt an email message, or it can be used to check the digital signature and verify that it was really the person who sent that message.

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#3195
  1. Describe the concept of public and private key with your own words.

private keys are unique strings that are used as base for public keys. They are a way for an individual to distinguish themselves from others and validate and sign (amongst others) data that relates to the public key. The public key is used as an means of making yourself visible to others without giving them access to your private key (and related data).

  1. What 2 use-cases can public key cryptography be used for?

the two use-cases are encryption of data and digital signatures

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#3196

  1. A private key is a combination on characters that you should not share with anyone. It is equivalent to the password to your bank account. The public key is another combination of characters that is visible by anyone. This is equivalent to your bank account. Like a hash function, the public key is derived from the private key, but it is impossible to figure out what the private key is from the public one. It only goes one direction, like time.

  2. The combination of private and public keys have many uses, like for example, using the public key to encrypt a message that only the private key can unencrypt. This way, anyone can write a message to you, but only you will be able to read it. Another similar use is when you don’t need the message to be secret, but you want the other person so be able to verify that it was indeed you who sent the message. This is a digital signature and it woks the same way: you send a message with a signature that only your private key can create, but the receiver can verify this is you by comparing it to the public key.

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#3197

1- Describe the concept of public and private keys
Public keys are available for everyone to see on an unsecured shared network. Public keys are typically derived from each user’s private key. If someone wants to send you a message on an unsecured shared network, they can encrypt the message and make it available on the network; based on the public key that’s available to all to see, everyone will know who sent the message. However, the sender can encrypt the message such that only one private key holder is able to decrypt the message.
2- What 2 use cases can public key cryptography be used for?
The first use case is to encrypt messages and the second one is to digitally sign messages.

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#3198

  1. Public and private keys are used to encrypt, sign, and verify transactions on the blockchain network. Addresses are derived from public keys which are derived from private keys which are generated by the wallet in use.

  2. One use-case is encryption: messages encrypted with public keys so no one can gain access to the message unless they hold the private key. Another is digital signatures: private key signatures on encrypted or non-encrypted messages to assure sender is who they say they are.

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#3199
  1. My public key is my lock that I give out to others. My private key is my key to unlock whatever they locked with my public. A more intuitive way imo would be to call the the public lock and private key. I think that a lot of people get confused because they’re both called “keys”
  2. Encryption for sending messages and digital signature for verifying the source of a message.
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#3200

  1. A public and private key pair works in a way such that you can prove ownership of the public key through your private key but others cannot derive your private key from your public key

  2. Encryption and Digital Signatures

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#3201

  1. Describe the concept of public and private key with your own words.
    A public key is a computer generated code that anyone can view to verify/sign that you sent a transaction, this cannot be used to access anyone’s funds. A private key is a computer generated code that only you should see, you should never share this as if someone has it they can access all your funds.

  2. What 2 use-cases can public key cryptography be used for?
    Public key cryptography can be used to verify and sign Bitcoin transactions on the blockchain network (digital signature).
    Public key cryptography can be used to encrypt data to be sent on the blockchain network.

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