To this day, only a tiny portion of the population has understood what cryptocurrency really is, but only to an extent. Most of the people have no idea about what cryptocurrency really is, and that covers a huge population of the world. For those who know even a little about cryptocurrency, they know that it is an easy method of monetary transactions, but do you know why it is an easy method to make the transactions? If not, then you will know in this article.
There are two sets cryptocurrency keys; Public Key and Private Key. These keys play an important role in cryptocurrencies which are made with blockchain technology for making the cryptocurrency wallet safe and to make sure that there is a secure passage for payments. These are just the small part of blockchain technology, known as the Public-Key cryptography, an advanced key for encrypting cryptocurrency.
Aim of this blockchain technology is to have a one-way path for all the crypto transactions that take place because with one-way coding, there is no way that the transaction could be reversed. It basically means that you give the information to someone without actually providing any information to him. These types of transactions use two keys to be successful with each key serving a different function, yet remaining dependent on one another. This is why the public key is known as the padlock whereas the private key is known as the access key of the padlock.
What is Public Key Cryptography?
Public Key Cryptography is based on a mathematical function called the “Trapdoor Function” which is usually for one-way solutions. It is a function which specialises in the one-way computing features and you cannot reverse this process no matter what you do. Even when you use a computer to solve this problem, it will take thousands of years to solve the problem. Thus, there is no doubt about the fact that you cannot solve it.
Public and Private Keys
Public keys and private keys are undoubtedly the most important part to make the cryptocurrency transactions go smoother as well as with more security. With Public Key Cryptography, the users get a private communication channel for the transactions. To put it in simple terms, Public Key Cryptography makes sure that whatever transaction is made between two people, it is made on their own accord and there is no third party enforcing the payment.
When you buy any cryptocurrency, you are actually buying the private keys which give you the access to the total amount of cryptocurrency you have bought. It is not possible for you to unlock the private key with public keys, but you can access the public key with a private key.
How do the Transactions Work?
You need a private key for authentication while making a cryptocurrency transaction. Once the authentication is complete, only then will the transaction take place. All of this is to ensure a safe and secure method of your transaction. When the transaction is taking place, the deal that is made is called consensus which is a proof that signifies you as an owner of the cryptocurrencies which you use in any trade or any sort of a transaction.
Thus, it is extremely important for a person to completely understand what the Public keys and private keys are, especially if you are using it for the transactions. If you do not have a clear understanding of the concept of Private keys and public keys, then you might leave yourself exposed on all the ends and especially against the external threats. Safety is of paramount importance and you must keep yourself information safe from all ends.