What is Public Key?
A Public Key, also known as a public key, is a cryptographic code that allows a user to receive cryptocurrency into his or her account. Public keys along with private keys are important tools required to ensure the security of the crypto economy.
How does Public Key work?
When a user initiates his or her first transaction in bitcoin or altcoin, a public and private key pair is generated. Each key is a long string of alphanumeric characters that keep the user safe within the digital ecosystem. The private key is known to the user alone and serves as the user’s digital ID. The private key allows the user to spend, withdraw, transfer or make any other transaction from his account. A sophisticated algorithm is applied to the private key to generate a public key, and both keys are stored in a digital wallet.
When a transaction is initiated by a user to send, for example, bitcoins, to another, the transaction must be broadcast to the network where distributed nodes (i.e. the people behind computers) validate the validity of the transaction. transaction before it is completed and recorded on the blockchain. Before the transaction is broadcast, it is digitally signed with a private key. The signature proves ownership of the private key, although it does not reveal the details of the private key to anyone. Since the public key is styled from the private key, the user’s public key is used to prove that the digital signature comes from his private key. Once the transaction has been verified as valid, the funds will be sent to the public address of the recipient.
The public address is the hashed version of the public key. Because the public key is made up of an extremely long string of numbers, it is compressed and shortened to form a public address. In effect, the private key generates the public key, which in turn generates the public address. When two people enter into an agreement in which one sends other tokens or coins, they reveal their public addresses to each other. A public address is like a bank account number. The sender needs the number to be able to send money to the receiver, who will then be able to spend or withdraw with his private key. The receiver can also verify the sender’s coin batch using the sender’s public address which will be displayed on the sender’s screen.
Although the public key and the address are processed from the private key, the reverse is nearly impossible. The crypto network is secured using complex mathematical functions to ensure that the private key cannot be processed from the public key, especially since everyone on the network sees its public key and its hash. . Since it is not possible to regenerate a private key from a public key or an address, if a user loses his private key, any bitcoins or altcoins at his public address will be inaccessible forever. Otherwise, a user who loses his public key can be regenerated with a private key.
See also: What is a Private Key?
What is the difficulty ( diff ) ?
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