Homework on Public and Private Keys - Questions

Blockchain and Bitcoin 101
#768

Describe the concept of public and private key with your own words.
-A public key is something used to encrypt data/messages and can be shared with anyone
-A private key is used to decrypt the data/message that was encrypted with the public key
-It is impossible for anyone to decipher the data without the private key even if they capture the data during transmission

What 2 use-cases can public key cryptography be used for?
-Encrypting data/messages and digital signatures for verifying identities.

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#769

Homework on Public and Private Keys - Questions

  1. Describe the concept of public and private key with your own words.
  • A private key is a random number generated either by the user of the key or a computer/program. This private key is the generator of the derivative known as the public key. This allows for sending and receiving of data in an encrypted fashion.
  1. What 2 use-cases can public key cryptography be used for?
  • Digital Signatures such as those found in an email, or those used in broadcasting a transaction on the Bitcoin network to prove the funds belong to you. Also specifically encryption or the ability to obfuscate your data from prying eyes.
#770

Public key is generated from private key. Author encrypts with private key and receiver decrypts with authors public key.
Two use cases are to use as a digital signature and to encrypt messages

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#771

  1. Describe the concept of public and private key with your own words.
    Such a key pair is generated for every account. The private key is derived via algorithm from the account number and therefore also linked to it. The same happens with the public key which in turn is derived from the private key. This only works one way, so it is infeasible to deduce the private key from the public key. The public key gets encrypted to form an address which can be shared in the open to send funds to. Although with a transaction we are never really sending them, it’s more that we change a virtual lock that grants access to where they are. Only a private key can open a lock or decrypt a message and should therefore be kept secret. The private key gets also used to create an unforgeable digital signature for every transaction which in turn is encrypted with the public key of the recipient. With a formula containing the public key and the digital signature, we can also verify the validity of a transaction.

  2. What 2 use-cases can public key cryptography be used for?
    To transfer and identify.

#772

  1. The private key generates the public key that is encrypted from the decentralized public domain. The public key is derived from a private key. The public key is shared everywhere and can be seen by anyone but it’s in encrypted and can’t be tampered with, without the private keys.

  2. Encryption and digital signatures

#773

1.private key is a randomly generated number only you have, public key is derived off of the private key
2.digital signatures, and public and private keys

#774

Gosh, this has been a complicated topic to grasp for me, several hours in fact just to start to understand the basics! Did anyone else struggle as well? :upside_down_face:

  1. Simplified, My Public key is my mailbox which everyone can see. My private key is my/the sole key to open/access the mailbox. The private key is “only” an exceptionally large number. The Public key is derived from the private key, together they interact via mathematical processes with the receivers pair of keys. Messages or Transactions between keys can be open or private. In Bitcoin transactions, both the receivers and senders public and private key interact with each other via asymmetric cryptography. This mathematical method makes it possible for both parts to secure their private keys to their wallets while simultaneously enabling transactions between each other.

  2. Encryption (a method to scramble a message so that only the receiver can open/understand it) and Digital Signatures (a verification process of encrypted messages/information without revealing your private key).

#775

Can send your public key to others to send you something only you can receive with your private key.
Digital Signatures and sending Bitcoin.

#776

Glenn_CostaRica

1. Describe the concept of public and private key with your own words.
A public key is a fixed string of characters representing a hexadecimal number that is produced as the result of applying a hashing function to another secret string of characters called “private key”. The private key is usually generated in a random way. One can invent the private key with a pencil and paper or one can use a wallet to generate a private key automatically. One can share the public key with people. This is what public keys are for. However, one should never share the private key, since, with it, anyone can access and manage one’s blockchain assets.

2. What 2 use-cases can public key cryptography be used for?
Public key cryptography is useful for generating private-public key pairs, and also to generate digital signatures. The private-public key pairs are generated through a hashing algorithm that can take the private key as input and generate the public key. And, digital signatures are created with the private keys to make it reliable in the eyes of second and third parties that the holder of a certain public key is the legitimate generator of some specific message or transaction.

#777

Q1: A private key is a random number generated from an equation, using this private key a public key is generated that can be mathematically verified to see if it comes from the private key It claims to come from.

Q2: Cryptocurrency exchanges like selling, trading, and buying as well as digital signatures to verify messages and etc.

#778
  1. A private key is generated by a computer or a wallet. The public key is then derived from the private key.
  2. Public key cryptography is used for encryption and digital signatures. You can encrypt messages and broadcast on an open network. The private key and public key work in conjunction to create a digital signature, which verifies the sender of a transaction to the network, so the transaction is valid and may be recorded on the blockchain.
#779

  1. Describe the concept of public and private key with your own words. Private key is generated by a random number, with this private key a public key can be generated on a mathematical way

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

#780
  1. Your public key is generated from your private key, which is a very long and random number. Your private key should be kept secret and stored in a safe location. Your public key can be shared with another party to receive an encrypted message or transaction. For instance, Alice wants to send Bob a secret message. She uses Bob’s public key to encrypt the message, and sends it to Bob. Bob and only Bob is able to decrypt the message through use of his private key.
  2. Encryption of messages and digital signatures in Bitcoin transactions from one address to another.
#781

  1. Private key it’s a random generated number (long enough) that gives you the possibility to sign messages and the receiver knows it’s you who sent it, and also gives you the ability to decrypt messages that’ve been encrypted with your public key.
    Public key is generated from my private key, so it’s related to them, and you could go from private -> public

  2. Encryption and Digital Signatures

#782

  1. Public Keys are open source keys visible to the public and unique to a Private Key. Public Keys are derived from a Private Key randomly. You can go from Private Key to Public key but not vice versa given it is a hash function. Transactions made on the public key can only be decoded using the Private Key which generated the public key.

  2. Public Key cryptography has 2 use cases;
    1. Encryption
    2. Digital Signatures

#783

  1. Describe the concept of public and private key with your own words:
    2 people, A and B, A wants to send B data privately, A takes Bs public key and encrypts the data, sends it to B, B then decrypts the data using their private key.

  2. What 2 use-cases can public key cryptography be used for?:
    1- Digital signature
    2- Encrypting data

#784

  1. The difference between private and public key is self explanatory on the rough outline, meanwhile going more in depth it´s a way for two people to not only encrypt/sign messages between eachother, but with the use of both the receiver´s key (public) and the sender´s key (private) you´re able to confirm that you are who you say you are. When using encrypted messages one creates a private key, which creates a public key bound to the private key. Then you can recieve encrypted messages and decrypt them as long as you hold the private key.

  2. 1 Encrypting & 2 digital signatures

#785

1: It is your unique id for your bitcoin. It is used to link your address and send and receive bitcoin.
2: A: Encryption B: Digital signature.

#786
  1. The public key is a shared key that is used to encrypt sensitive information. The private key is used to decrypt that sensitive information.
  2. Public key cryptography can be used for digital signatures, as well as blockchain addresses.
#787

  1. Bitcoin uses a duel key system with both public and private keys to transfer value from one place to another

  2. The two main use cases for public key cryptography are encryption and digital signatures.