Public Key and Private Key are some terms you may once hear in this cryptocurrency world.
Sometimes you may not be able to distinguish the difference between Public Key and Private Key.
I am here to help.
What are Public Key and Private Key?
Kudos to HB Wallet team for this helpful video!
In words:
PUBLIC KEY
A public key is a cryptographic code that allows us to receive cryptocurrencies into our account. Commonly, when someone asks “Please give me your address, so I can send over some coins”, they actually mean “Please give me your public key, so I can send over some coins”. The public key is where the fund is deposited and received. Then, an address is a shortened version of the public key.
Here is an example of a public key:
0xC2D7CF95645D33006175B78989035C7c9061d3F9
PRIVATE KEY
A private key is a complex form of cryptography that allows us to access our cryptocurrency fund. A private key is a crucial aspect of Bitcoin and Altcoins and its security make up helps to protect a user from theft and unauthorized access to fund. It can be simply perceived that a private key is a key to access your accounts. In order to send, receive, deposit or withdraw our fund, we need a public key which is our account number and a private key which represents a password to access our account.
Here is an example of a private key:
3a1076bf45ab87712ad64ccb3b10217737f7faacbf2872e88fdd9a537d8fe266
So, how does it work?
The whole process starts when someone decides to send you some coins or tokens over the blockchain. As a user, you only have access to your private key and public key. The keys are a long sequence of integers and letters. Let’s take a look at the 512-bit encryption key.
KaPdSgVkYp2s5v8y/B?E(H+MbQeThWmZq4t6w9z$C&F)J@NcRfUjXn2r5u8x!A%D
The key is generated randomly from the Encryption Key Generator.
After a transaction is initiated, the blockchain generates a signature to ensure that the transaction goes smoothly with any alteration or double-spending.
The signature is then used to confirm the transaction.
