- Private key is a part of the public key. Its functionality is to encrypt and decrypt the messages.’
- Public key is available to anyone. It is used to encrypt the message so it becomes unreadable and it can be only decrypted by using the private key. Another use case of public key is to confirm the the correspondence of public key with a private key when using digital signatures.
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- The concept or private key and public key is at the core of bitcoin transaction. Basically when you create your wallet, your computer will generate a private key. From that private key a public key is then created. With your private key you’re able to sign your transaction, so that everyone in the network know that you (or whoever knows your private key) spent that amount of bitcoin. The public key is used to verify the signature in a transaction.
- Encryption and digital signature.
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A private key is a unique set of digits that is kept private by the owner. With this key a public key is created that can be shared across the network but does not give access to the assets of the private key.
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Encryption: Allows users to send encrypted messages through an unsecured network by using public keys that can only be decrypted by the receivers who hold the private keys.
Digital signatures: Can be used by the receiver to verify the sender’s message by using the public key and digital signature together.
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A Private key belongs to me. It will produce a public key for a transaction, which will produce a Bitcoin address. This maintains security.
Public key cryptography is used in a transaction.
It also delivers the digital signature in the transaction.
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Describe the concept of public and private key with your own words.
-> Public and private key cryptography can be used to secure information transfer between two transacting parties. The premise is that both parties have a public key and a private key. The public key is shared all over the internet. The key concept is that this pair of keys have a relationship which can be used to either encrypt and decrypt messages between corresponding parties, or be used to identify the sender in the form of a digital signature. -
What 2 use-cases can public key cryptography be used for?
-> Public key cryptography can be used to encrypt information before sending them. The second use is in digital signatures so the sender can be identified.
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A private key is a unique generated number only known by the owner and the public key is generated from the private key to be used in sending encrypted data in which is de-encrypted by the intended recipient’s private key.
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Encryption and Digital Signature
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Describe the concept of public and private key with your own words.
Your public key is used as an identifier and a trusted source to encrypt/decrypt messages that can be handled with a single private key and vice versa. -
What 2 use-cases can public key cryptography be used for?
Encryption and digital signatures
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This means transactions use digital signatures. The other use case would be encryption. 
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I want to send some piece of information to John. I only want John to be able to read it. John gives me a public key, which is derived by a private key. I transform (hash) the piece of information I want to send to John using that public key. The output of this is gibberish, and it bears no resemblance to the original information I want John to read. John AND ONLY John can read this data, by transforming the gibberish using the private key.
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Encryption of messages, Digital signatures
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1.) A private key is a randomly generated number. You keep it in secret, and use it to decrypt messages sent to you, or to “sign” any action or data made by you. Through certain mathematical functions, you generate a public key from your private key, which you can safely share, because there is no way to find your private key, using your public key. Your public key is used by others to verify your identity and to encrypt data before sending it to you.
2.) Encryption and Digital Signatures
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When you open a btc wallet, a private key (random number) is generated. From this number a public key is derived through complex algorithms. This is non reversible, meaning that it is impossible to figure out the private key based on the data in the public key. The public key is also used for creating btc- adresses. Your private key is what let’s you access your funds, so if you loose your private key, you’re screwed. Through your signature with the private key, the recipient can also verify who sent the transaction.
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Public and private keys are in place for the sake of being able to encrypt/decrypt messages and also for digital signatures.
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1 For example, the public key is my address and transaction number. Everyone can see that. The private key is a transaction verification code that is unique.
2 The public key used is the incoming and outgoing address of the transaction and the transaction number.
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Its used for digital signatures and encryption.
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Public key is derived from the Private key. The Private key is used to decrypt and is generated by a random number.
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Public keys can be used for cryptocurrency and digital signatures.
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Q1. Describe the concept of public and private key with your own words.
A. A private key is generated by a computer. A public key is then generated from the private key to be used in the public.
Q2. What 2 use-cases can public key cryptography be used for?
A. Encryption & Digital signature
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- Describe the concept of public and private key with your own words.
A private key is a unique number generated by a computer. This is kept secret.
A public key can be derived from a private key (only in this direction) and can be shared freely to facilitate transaction.
- What 2 use-cases can public key cryptography be used for?
Encryption and digital signatures.
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1- A private key is a unique number generated by your computer. You can then get a public key from your private key and make it known to everyone else. Your private key remains secret and trying to regenerate your private key from your public key is impossible.
2- Public key cryptography is used for:
- Encryption
- Digital signatures
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1, Describe the concept of public and private key with your own words.
- The public key is available to anyone to see and the Private key is only for yourself to use. Public keys are derived from Private keys and can not be reversed.
2, What 2 use-cases can public key cryptography be used for?
- Encryption
- Digital signature
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Private key is a randomly generated number that assigns you an identity and allows you to have full custody over your coins for instance. Public key is derived from private key and is used for transactions that are secure (i.e. there is no way for sender or spectator of the transaction to figure out what your private key is).
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Encryption and digital signatures.
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Describe the concept of public and private key with your own words.
A “Public Key” is the visible key that represents you in the Blockchain / Bitcoin Network or Ecosystem. Anyone can see or read the public key and it is used to send encrypted private messages. A “Private Key” is the Secret Key that Authenticates your digital identity & Bitcoin Wallet / Account. There is a random mathematical relationship between the public and private key pairs that are created for the purpose of encrypted private communications and transactions. -
What 2 use-cases can public key cryptography be used for?
The two (2) use cases for the public key cryptography are Encryption and Identification Integrity. (a/k/a Identity Authentication of all parties) In the Bitcoin realm Identification is the most crucial thing because it serves as an irrefutable digital signature for the open ledger ecosystem.
RJR
2021-03-01T05:00:00Z
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