- In a cryptographic system, a public key is fundamental for identification. On the other hand, a private key (secret key) is fundamental for authentication and encryption.
- It is mainly used for Encryption (coding) and Digital Signatures (identification and integrity).
1 Like
1.) Public/private key pairs begin with the creation of a very large alphanumeric code that your computer generates randomly - called a private key - which must be kept completely secret and secure. Then, using a special formula, your computer derives another long code from the private key. This is called a public key and as the name suggests, it can be shared publicly.
2.) The two main use cases for public/private key cryptography are encryption & digital signatures, but Bitcoin uses mainly digital signatures.
Encryption:
When using public/private key cryptography for encryption, the sender must encrypt their message using their own private key & the intended recipient’s public key. This way, the recipient can decrypt the message using their own private key and & the sender’s public key - so both parties must have each other’s public keys. If the recipient loses their private key, they will be unable to decrypt the message. If either party’s private key becomes compromised, anybody who intercepts it can decrypt the message.
Digital Signatures:
This is the main use case for Public/private key cryptography in cryptocurrency, and is at the heart of how blockchain technology works. Because blockchain is a trustless public ledger, we need a way to verify that someone who sent a particular message was actually the person who sent that message (or in the case of cryptocurrency, who initiated a transaction). When the owner of wallet address A sends BTC to the owner of wallet address B, they sign it digitally with their private key (this does not actually reveal the private key to anybody else). Upon receipt of the BTC, the owner of wallet address B will be able to mathematically verify, using the public key of the sender, that the owner of wallet address A was actually the person who sent the BTC. This is possible because a public key is always generated from an existing private key. In this scenario, if you lose your private key, you will lose access to all of your coins. If your private key becomes compromised, anybody who intercepts it can take all of your coins without your permission, and however much coin was in your wallet will be lost forever. There’s no FDIC protection or anything like it with cryptocurrency, so you must be very careful with your private key.
I wonder how much BTC is locked up in abandoned wallets whose owners lost their private key xD
2 Likes
- Describe the concept of public and private key with your own words.
Private key is a random number generated by your computer and must be guarded carefully.
Public key is derived using the private key and can be shown to everyone to send and receive. There is no possible way to obtain someones private key through the public key it is a 1 way function.
- What 2 use-cases can public key cryptography be used for?
Public key can be used for encryption and digital signatures.
2 Likes
Describe the concept of public and private key with your own words.
The public key encrypts the information and the private key decrypts the information.
What 2 use-cases can public key cryptography be used for?
The cryptography of the public key is used for message encryption and digital signature, when you send an encrypted message it can only be decrypted with the recipient’s private key and with the digital signature the recipient can verify whose public key is.
2 Likes
-
In cryptography there is a need for safekeeping in communicating private features of accounts by using cryptographic keys. Communications and transactions are protected by the use of private keys that are secret and unique (large chains of random numbers). In turn, to keep private, a public key is derived from the private key. Public keys are visible to spectators and transcribe messages. This pattern is one way and public keys do not expose or access the private keys.
-
Public key cryptography is used for facilitating transactions and communicating messages in open networks and public forums. Secondly, public keys are used as identification in digital signatures.
1 Like
-
Private key is yours, public key is public. public key derived from private key, but cannot derive private key from public key. when sending anything cryptographically, you use public key, and sign with private key, which lets recipient of message verify you were the one who sent it.
-
Cryptocurrency, and sending private messages you want encrypted.
2 Likes
- Public key is derived from private keys, it is not possible to guess private keys from public keys
2…
a) They can be used to send encrypted messages. The public key is derived from the private key. The public key can be sent to someone who can use it to encrypt a message. The encrypted message can be sent to to the owner of the private keys which is the only person who can decrypt it.
b)They can be used for digital signature. This use case is the one applied in cryptocurrencies.
2 Likes
PK cryptography can also be used for digital signatures which is heavily used in digital currencies.
1 Like
- public key encrypt the message and private key decode it
- to send message or money
1 Like
-
Describe the concept of public and private key with your own words.
-
What 2 use-cases can public key cryptography be used for?
-
private key is the key generated from your wallet. Public key is generated from the private key. Both keys are unique and it is a alphanumeric string. Public key can be used everywhere and be posted on twitter however the private key should be secret. if someone has your private key they can get hold of your bitcoin
2.a)encryption and b)digital signature
2 Likes
-
Describe the concept of public and private key with your own words.
Used for encrypting messages/transactions,
Everyone has a private key and a public key
The private key is not to be shared with anyone else, it is used for de-encrypting messages/transactions sent by other people using your public key.
The public key is open for anyone to view or use, e.g. for sending you a message, they write a message and use your public key to encrypt the message making it impossible for anyone else in the network to open or de-encrypt the message or vise-versa;
e.g I want to write someone else an encrypted message
I write the message, use their public key to encrypt the message thus making it impossible for anyone else to view the message, which in turn the reciever uses their own private key to de-encrypt the message. -
What 2 use-cases can public key cryptography be used for?
1, To encrypt messages and/or transactions
2, Digital signatures. A digtal signature is a way to verify a message or transaction has actually been sent by the correct person.
1 Like
1 the private key generates from a large numbers of random numbers. From the private key a public key is generated. The public key you can share with others but the private key you should keep to your self.
2 for encryption and digital signatures
1 Like
Can also be used for digital signatures which is heavily used in digital currencies.
1 Like
- A public key is derived from a private key that can be shared publicly without compromising the information encrypted with the private key. A private key is something that can be used to encrypt information that only those with the private or public keys can decrypt.
- Encrypting information, and signing messages to prove that the person holding the private key created the message
1 Like
- Private key is your own unique key or random data, that is only can be shown and saved for the person. Out of the private key, the public key is generated to deliver the messages that sent in public settings.
2.Two major uses cases can public key can be used are:
a) encryption
b) digital singature
1 Like
Public key allows you to encrypt messages or informations available for everyone and private key enables you to decrypt them.
To send for information or money for example via blockchain
1 Like
- Describe the concept of public and private key with your own words.
Public key is what is seen and known by the general public and private key is only known to the owner to decrypt info.
-A public key does not need to be kept safe but a private key has to be kept safe else someone else has access to your information/money.
In simpler terms its a like a public toilet that anyone can use but the toilet in your house(bedroom) is only used by the owner (just adding some humour) 
- What 2 use-cases can public key cryptography be used for?
The 2 use cases are encryption and digital signature
2 Likes
- The private key is used to generate the public key which is then used to generate an address, such as for BTC or another type of message and it only goes in this one direction. There is no way to go from the address to the private key so the private key remains secure.
- Public key cryptography has two use cases: encryption and digital signatures.
2 Likes
1- The public key encrypts and the private key is the decryption.
2- For encryption and digital signatures.
2 Likes
- The Private key provides the encryption/decryption root while the hashed private key is provided as a public encryption only key. Any data encrypted with the public key can only be decrypted by the holder of the private key.
- Encryption and Digital signatures
2 Likes