Homework on Public and Private Keys - Questions

Blockchain and Bitcoin 101
#5248

Question 1
A private key is a large random number that your computer generates. The public key is derived from the private key using a special mathematical formula. You can figure out the public key by using the private key. However, you cannot figure out the private key by using the public key. It is a one-way street. You do not need to keep your public key secret. However, it is imperative that you keep your private key secret. If somebody gets hold of your private key they can read your encrypted messages or take money from your account.

Question 2

Case 1: Encryption: Imagine person A and person B want to send each other messages across a network that is not secure. They do not want people to read their messages. Person A uses their computer to generate a private key. Person A then uses that private key to generate a public key. Person B then writes a message. Person B then uses person B’s public key to encrypt that message. At this point the message becomes unreadable, only person B knows what that message is. Nobody else can read it. Person A then uses their private key to decrypt the message and make it readable again.

Case 2: Digital signatures: Imagine that person B receives a message. The sender of the message appears to be person A. However, person B wants to be certain that the message they have received was actually from person A. Here is what happens. Person A uses their computer to generate a private key. Person A then uses a mathematical operation with their private key to digitally sign the message. Then person A sends this message along with the attached digital signature to person B. When person B receives the message they can see person A’s digital signature as well as person A’s public key. Person B can then use person A’s digital signature and person A’s public key to mathematically verify that the digital signature came from person A’s private key.

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#5249

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

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

  3. The Public key is the key you share with others and to encrypt data only you can decrypt. The private key is private and used to decrypt messages only you can read. The public key is derived from the public key.

  4. The private key can also be used to sign messages and transactions.

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#5250

  1. to allow secure and private communication using digital signatures and encryption

  2. encryption and verifying signatures

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#5251

  1. Describe the concept of public and private key with your own words
    A private key is the root or foundation of the public key, which itself is a foundation for other cryptocurrency-based wallets. A private key
    is a value or series of alphanumeric code that has been randomly generated that serves as an ID of sorts for your blockchain identity. The randomly
    generated value is so unique that there’s almost no opportunity for this number to be randomly generated twice (thus ensuring unique privacy). The private
    key gets run through a series of algorithms to consistently create your public key, an outward facing unique ID that the rest of the
    blockchain community can refer to.

  2. What 2 use-cases can public key cryptography be used for?
    Public key cryptography can be used for encrypting and signing with unique digital signatures. An encrypted password, number, value, etc. is something that
    has been run through an algorithm that consistently generates the same output from the same input. In order to be able to decode or interpret the unique value
    a unique signature needs to be run through an algorithm that consistently generates the same result. The blockchain network is able to run a unique signatures
    through the same algorithm that generated your public key. If your unique signature and public key get encrypted the same way, then your ID is verified.

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#5252

  1. Private and public keys are used to encrypt and decrypt messages/ transactions.

  2. Public key cryptography can be used for encryption and digital signatures.

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#5253

  1. You need a Private Key in order to derive a Public Key, and then your Public Key can be used to derive your BTC Accress. Private key is what you must safeguard, because losing it, or having it stolen can result in someone else spending your coins.

  2. for encrypting messages or for signing via digital signatures

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#5254
  1. Describe the concept of public and private key with your own words.

The concept of public and private keys has been around for a long time. This is a way to communicate safely in a public environment (network) that is deemed unsecure. If a person “A” wants to send a message to a person “B” in a safe manner, A can encrypt this message with B’s public key (which was generated from B’s private key), now the message is unreadable to anyone but A. If B wants to see the message, he can use his private key to decrypt it, and because B is the only person with the access to his private key, he is the only one who can read A’s message.

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

a. Encryption (when you encrypt a message that is being sent over unsecure public network);
b. Digital Signatures (used in crypto, with the help of these signatures a receiver can verify who sent a particular message)

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#5255

Homework on Public and Private Keys:

  1. A private key is an individual tool that is used to decrypt messages and implement digital signatures. A public key is then derived from the private key. The public key is available to everyone and is used to encrypt messages and verify digital signatures. The verification of a digital signature is the comparison of the public key to the private key, confirming the signature came from a certain individual.

  2. Public key cryptography can be used for encryption and digital signatures.

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#5256
  1. Public & Private Key Cryptography is a concept that enables anyone to create his/her own unique pairs of private and public keys for confidential communication and proof of identity. The private key is created first, then the public key is derived from the private key (one-way function), so both are interconnected. The private key must be kept secret, whereas the public key is meant to be shared. The private key of the sender is used to encrypt messages using the receiver’s public key, so that only the receiver will be able to decrypt the message by applying his/her own private key.
  2. The two use cases discussed were encryption, for the purpose of secure point-to-point communication (e.g. encrypted email), and digital signature of messages for the purpose of authentification, where the message itself is uncrypted.
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#5257

  1. Private keys are enormous numbers that represent your identity on the network for receiving, sending, and signing transactions. On the other hand, a public key is the front face of your private key. People can send messages and find you on the network using your public key.

  2. Encryption and identifying.

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#5258

  1. Private key is a random aplhanumeric string created by the computer that need to be kept private and safe. Public key is derived from the private key and can be made public.

  2. Encryption and verifying

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#5259

Public key gives you a possibility to be a unique part of the network openly.
Privat key allows you to prove that you are the only owner of that unique identity.
2 main use cases are, encryption of information and digital signatures, which is used in bitcoin blockchain.

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#5260

  1. Private keys are randomly generated secret numbers from which public (non-secret) numbers are generated. There is a mathematical relationship between these keys due to the formula that generates the public key from the private key.

  2. Message encryption and digital signatures (used in Bitcoin as well)

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#5261

  1. Private key and Public key are the 2 elements needed in to send and receive btc
    Public key is a number generated from the private key. The public key is used to encrypt messages for transmission, so that, the message can only be read by the holder of the private private key which generated the public key.
    The private key cannot be generated from the public key. that´s why you can not loose the private key.

To share encrypted information with others in a public way.
Authenticating a message by an encrypted private key signature

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#5262

  1. A private key is a random number that is used to generate a public key. The private key is to be treated as a secret to be accessible and secured only by the owner. The public key is used to be share and to potentially encrypt messages intended to only be decrypted by the holder of the private key.

a) Private/Public Key Encryption
b) Digital signatures so that other parties can validate a message was indeed created by the holder of the private key.

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#5263

Homework on Public and Private Keys - Questions

  1. Describe the concept of public and private key with your own words.
    A: A private key is the main location for holding your currency and tokens as well as for transacting within the blockchain, however, in order to keep that secure, the private key will generate a public key, which can then be shared publicly and has been derived from the private key.
  2. What 2 use-cases can public key cryptography be used for?
    A: Digital Signatures & Encryption
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#5264
  1. Private keys can generate your public keys. Only you have access to your private key and it is used to digitally sign transactions but everyone can see your public key or address. From just your public key, no one can access your private keys.
  2. Encryption and digital signatures.
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#5265

  1. The public key is a random unique key generated after a private key. This key is used to encrypt messages over public networks and only the private key will be able to decrypt the message.

  2. Transactions - sign messages to proof that they originate from the right person
    Digital signature - software released only by a particular Publisher.

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#5266
  1. The public key like your identity and is visible to everyone while the private key is only known to you the owner and the public key is usually generated from the private key.
  2. The 2 use cases are;
    Encryption: which is used to secure messages/information and hide it from the spectators/people over a public network

Digital Signature: which is used to verify senders identity.

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#5267
  1. A private key is used to do two things: a) generate a public key. and b) decrypt a message that was created by that public key. A public key is a key that can be made public to encrypt messages that can only be decrypted by the particular private key from which the public key was generated.

2a) For encrypting messages
2b) For creating digital signatures.

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