Homework on Public and Private Keys - Questions

Blockchain and Bitcoin 101
#1491
  1. Private key is like a digital fingerprint, meaning no one can copy or forge it. Public Key is derived from the private key.
  2. Digital signatures and encryption.
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#1492

  1. Private keys are held by the sole owners and through encryption can generate a public key to share with others across the internet. That public key can generate a Bitcoin address as well through encryption. If a message or coin is sent to those public entities the only way to complete the transaction or read the message is to unlock with the private key.

  2. Encryption and digital signatures are the 2 use-cases and the digital signatures are used most in Bitcoin.

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#1493

  1. A public key is a character combination that everyone can see and this is derived from a private key which only you can apprehend unless you share it with others. This creates two environments in the message and data transfers (ex. messages, records, signatures, etc.) on your account.

  2. Public key cryptography can be used for sending encrypted messages or posting and a digital signature. This in turn can create a way to see if it really is someone/you giving information from a platform.

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#1494

  1. A private key is combination of albhabets and numeric values which you computer generate for any particular cryptocurrency . That number is very long enough to duplicate or generate in an identical way . Private is also used to decrypt the messages that are sent from the corresponding public key .

  2. A public key is also the combination of albhabets and numeric numbers which is derived by the private key with special formula to communicate in the public forum and thus safeguard you private key to be stolen . Public key is used to encrypt messages to send securely in the public forum like internet .

Two usecase —

  1. Encryption - Suppose u want to send a message to someone . You can encrpt your message with the help of receiver’s public key so that it cannot be read by any one else who doesnt have the corresponding private key to that public key . Now that message can only be decrypted by receiver’s private key .That is why it is very important to keep the private key very safely .

  2. Digital Signature - This is commonly used in cryptocurency transaction where u can send the message to someone by creating a digital signature with your private key and the one who receive the message can actually verify you by checking your signature and public key whether it is associated to your private key .

  3. Signature -

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#1495
  1. Your public key is used by others to encrypt data to send to you. The public key is just that, PUBLIC and anyone can see it. The private key is kept secret by yourself and is used the remove the encryption from the data anyone has sent you that used your public key. Only your public key can be unlocked with your private key.

The public key is generated using the private key.

  1. Encryption(encryption of messages/data you want to send) and Digital Signatures(a verification of who sent the message/data)
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#1496

It can also be used for digital signatures which are messages you can sign with your private key and others can verify that you wrote it using your public key :slight_smile:

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#1497

We don’t really encrypt bitcoin addresses, we use them to sign transactions :slight_smile:

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#1498
  1. public key is an encryption device which is accessible to all. private, well, this should be self-explanatory.
  2. encryption and digital signatures.
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#1499

  1. Private Key is random numbers generated by a computer which only you have access. Public Key is created from a hash function result of the Private Key and can be shared publicly.

  2. Public Key can be used:

  • Engrypt data/ info to secure sharing only with the recipient you intend to share with.
  • Digital signature. In Bitcoin for example, you need your Private Key to get access to funds received in your address and/or you your private key to send money as you need to ‘sign’ the transaction.
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#1500

Public key is not a hash. Its is derived from the private key using elliptic curve cryptography. :slight_smile:

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#1501

How do we get a private key?

#1502
  1. Describe the concept of public and private key with your own words.
  • Private key is a self choosen random number to keep secret
  • Public key is one-way calculated from private key and distributed to receivers, so they can calculate a signature, which must be equal to received signature
  1. What 2 use-cases can public key cryptography be used for?
  • Encrypt a message to only be decrypted and read by the receivers who have (via another channel received) the public key of that encryption
  • Sign a Message which can be send as unencrypted message, but to identify the sender as the real sender.
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#1503

Can only a computer generate the random number?

#1504
  1. By using the concept of private- and public keys it is possible to communicate to between two parties over a public open network in a secure and private manner. It is also possible to sign a message, and the receiver can confirm that you are the correct sender.
    1. Sending secure and private messages between two parties. 2) Confirming the authenticity of a document (by comparing the hashfunctions)
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#1505

  1. The public key is derived from the private key. It is available to everyone and is used to encrypt messages sent from one person to another. The private key is your personal thumbprint that only you should know. It is used to decrypt messages encrypted by your public key and also signs transactions when sending.

  2. Public key cryptography is used for the encryption of transactions or messages and digital signiatures.

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#1506

  1. A private key is a unique code that is used to secure your bitcoin and sign a transaction when you send bitcoin to another address. This must be kept secret. If you lose the private key then you lose your coins. A public key is created from the private key and it can be shared with anyone so that they can send bitcoin to you.

  2. To use cases for public and private keys are encryption and digital signatures.

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#1507

  1. Public keys are derived from private keys and are used by a sender to encrypt sensitive information. The recipient then uses the private key (which only the recipient has) to decrypt the message.

  2. Public key cryptography is used in encryption and digital signatures.

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#1508

  1. A public key is shared with others so they can encrypt it with data that can then only be decrypted with the private key.

  2. Public and private key cryptography play key roles in sending encrypted information via email and for digital signatures in blockchain.

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#1509

  1. a private key is used to generate a public key, when data is sent using the public key the private key can verify the data sent with the public key.

  2. encryption and digital signatures.

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#1510

Q1. Describe the concept of public and private key with your own words.
Public and Private keys are means to make online transactions secure. Private and public key is a pair. Public key is derived from Private key and shared with public while private key is kept secret.

For sending a message securely on the open and unsecure network, person A encrypts the message with Person B’s public key. Person B then uses the private key (person B’s) to decrypt the message.

Q2. What 2 use-cases can public key cryptography be used for?

Two key use cases are:

  1. Encryption (explained in Q1 above)

  2. Digital Signature - used in cryptocurrency transactions
    Person A’s private key is used to sign the transaction sent to Person B. Person B then uses Person A’s public key to authenticate the transaction.

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