A Private key is first generated and used to encrypt private info and the public key decrypts the info and makes it available for public use without divulging the private key.
The two use cases are encryption and digital signatures…can be used to send money or information
Your private key is a secret number randomly generated by a computer used to decrypt messages generated by your public key.It is also used to sign transactions which is the only way you can spent your crypto currencies.the private key therefore needs to be kept secure and secret
The public key is a number generated by the private key using a complexe one way math function which means that it is impossible to deduct the private key by seeing the public key.The public key can therefore be shared with anyone.the public key is used to encrypt messages which can only be decrypted by the person holding the private key that generated the public key used to encrypt such message.The public key is also used to receive transactions and or to guarantee the provenance of a signature
1.Public key is created in public key encryption cryptography utilising asymmetric-key encryption algorithms. This PK converts the communication into an unreadable formatting, decrypted and carried out using a different but twin private key, public and private keys are paired to enable secure communication.
2. In symmetric encryption the sender and receiver use a separate instance of the same key to encrypt and decrypt messages. Symmetric encryption heavily relies on the fact that the keys always be kept secret.Asymmetric -Public-key encryption uses two different keys at once, a combination of a private key and a public key. The private key must remain confidential to its respective owner, while the public key is made available to everyone via a publicly accessible bank/case or directory. disadvantage of asymmetric encryption is that it is slow compared with symmetric encryption. because of the math complex numbers involved in asymmetric encryption and therefore requires much more computing power to sustain.
1- private key-is owned by a single owner & its secret not known to anyone else.
2- encryption
public key is there for everyone to see and use, but it’s created out of your private key which only you know and can access information sent to your public key using it.
Digital signatures & encryption
1.)
The private key is at the beginning a random number generated by the computer.
This results at the end to the final private key in base58 or bench32 (native segwit) format.
Generate a privat key (base58 format)
-Understanding Bits. …
-Understanding Random Numbers. …
-Step 1: Generate a random set of data. …
-Step 2: Convert random data to 256-bit number. …
-Step 3: Verify Number. …
-Step 4: Add version number. …
-Step 5: Add 32 bit checksum. …
-Step 6: Convert new hexadecimal to base58.
The public key is a special formular of the private key.
The private key must be kept secret
The public key can be shared publicly.
2.)
I can use the public key to encrypt a message and send it on an insecure network.
Only people with the private key can decrypt an read the message.
In Bitcoin i can sign a massage to proof that i am the owner of the private keys an the Bitcoins.
That was for example necessary for some airdrops. (Mimblewimble Coin, Hex)
That would also be a way for Craig Wright to prove that he really is satoshi nakamoto.
But he doesn’t do it… hmmm…
Private key is a computer generated key that only you keep, a public key is like a second key that you use to communicate directly with everyone else, keeping the first one inaccessible.
Encryption and as a digital signature
The whole blockchain/crypto space is extremely reliant upon public and private key pairs. A secret private key (securely stored) is used to generate a public key (publicly available). The public key can be used to generate encrypted messages that can only be decrypted by the particular private key that was used to generate that specific public key.
Encryption allows for encrypted information to be shared across unsecure/public forums. Digital signatures provide integrity by allowing for the digital verification of things.
The public key is a number that can be shared with with anyone for others to identify you. The private key is used to create and control the public key.
For exemple, your email address (is like a public key), can be shared to receive messages; but only your password (private key) can open it and read the messages in it. Whose control the private key, owns the public keys create with it.
The public key can be used to encrypt a message, while only its private key can decrypt it. Other use for the public key is to sign data, so others can verify its origin.
Private and Public keys along with using “Hashing” (encryption / digital signatures) can be used to send private messages and or transactions using cryptography. The Private key signs the message or transaction and it is unlocked using hashing with the Public key.
Two use cases for Public Key Cryptography would be for “Encryption” and “Digital Signatures”
Private keys are generated randomly and have full access to decrypt and provide digital signatures when needed. Your public key can be created from the private key so that you may share with anyone without worry that your private key will be compromised.
Encryption and digitally signing transactions are 2 use cases.
Public and private key is random numbers generate by a computer. Private key is generated first and is kept secret by the owner. The public key is derived from the private key and as the term public denotes, it is not secret and the owner can widely spread it. The keys are unique and it is almost impossible to replicate them. It is also not possible to figure out the private key from the public key.
The two use cases of public key cryptography is encryption and digital signature (identification and integrity of data). The public key is used to encrypt message being send and the private key is used to decrypt the message so as to read it. This process ensures security of the message. On the other hand, the private key is used to digitally sign sent message and the public key is used for identification of the sender. This way the integrity of the message and identification of the sender is ensured.
1). A private key is like a (nearly) “unique” digital identity for your account and it is extremely important to protect it because it can be used by other people to pose as you the owner. A public key is generated from your private key and is nearly “unique” as well, but it cannot be used to sign nor can it be used to determine the private key… so it can be used in public.
2). Encrypting messages and digital signatures.
Describe the concept of public and private key with your own words.
A private key is a number that is only known to me. A public key is a key which is based off of my private key which I share with anyone who wants to securely send me data encoded using the pubic key. The private key allows me to decode the message encrypted with the public key.
What 2 use-cases can public key cryptography be used for?
Public key cryptography can be used for encrypting data or for digitally signing data.
Private key is generated as a random number and from this random number the public key is generated. The private is unique and it is almost impossible to generate duplicate private key from the random number generator. This key must be safe-guarded because if someone gets your private key then they can take you bitcoin of other cryptocurrency that is tied to it. This is one of the use cases where private key is used for the security and identity of your crypto assets.
Another use case is when sending a private message that will be sent via a private key that generates a digital signature.
Public key derives mathematically from private key (one-way function random number), in way to keep our private key safe and unrecoverable from anyone else.
Encryption and Digital Signatures.
A private key is generated from one’s computer and a public key is derived from that private key. The pair is unique to each other, which means the keys can only be used within that pair when verification is needed in any transactions/information being sent.
(a)Encryption of information that is being sent from point a to point b.
(b)Digital signatures when crypto-currency transactions are taking place.