Public and Private keys are an integral part of the Cryptocurrencies that is made with the help of the Blockchain technology to make your Cryptocurrency transaction and wallet safe and secure.
Public and Private keys are just a small part of the Blockchain technology called Public-key Cryptography. It is an advanced technique that is used for encrypting Cryptocurrency.
The main goal of this blockchain technology is to provide a one-way path for the Crypto transaction. And with one-way coding, it makes this process irreversible. In simple terms, you can just say that you are providing secret information to the other person without actually providing any information.
In these types of transactions, there are two keys that are used. Each key serves a different function, but still remain dependent on each other. This might be the reason why the Public key is called the padlock and the Private key is called the access key of the padlock.
What is Public Key Cryptography?
Public Key Cryptography is based on a mathematical function meant for one-way solutions. The name of the function is “Trapdoor Function”.
If your major was maths in your college, then you must know how this function works. It is a function that specialises in one-way computing features. And it is impossible to reverse the process.
Even if we use computers to sole solve this kind of problem, it might even take more than a thousand years (Just kidding, it is just to highlight how long it will take to solve the problem) to actually solve that problem.
Public and Private Keys
Public and private keys are an integral part of the Cryptocurrencies that help to make the transaction go smoother and more secure. The Public Key Cryptography makes sure that the users get a secure and private communication channel for the transaction.
In simple terms, the Public Key Cryptography ensures that the transaction made between the two people is made on their own accord, nobody is forced for the payment and the payment is done by the peer to peer network.
When you buy Cryptocurrency, you actually buy the Private Keys that give you access to the amount of Crypto Coins you have bought. And then there is Public Key. It is possible to unlock the Public Key with the Private Key, but it is impossible to access the Private Key with the help of Public Keys.
How the Transactions actually Work?
When you are in the market making payments with the help of the Cryptocurrencies, every Cryptocurrency transaction needs a Private Key for authentication. Only after the authentication, will the transaction be conducted. Having a Private Key shows that you are the owner of the Cryptocurrency. This is all done to make sure that your transaction is safe and secure.
During the time of the transaction, a deal is made called Consensus. It is a proof of work that signifies that you are the owner of the cryptocurrencies that you are using in the trade or in any kind of transaction.
It is very important to understand the role of both Private Keys and the Public Keys. Without a clear understanding of the keys, you will be leaving yourself exposed from external threats.
If this article was not enough to understand how the Keys work, you can visit bitcoin aussie system – btc system for australian to own your own key for better understanding.