Private key and public key are two terms that you will deal with when you first enter the cryptocurrency market. But what exactly do these words mean and what possibilities do they cover?
The public and private key pair consists of two associated cryptographic keys. In general, these keys are random and long numbers.
For example, the following example is a public key:
3048 0241 00C9 18FA CF8D EB2D EFD5 FD37 89B9 E069 EA97 FC20 5E35 F577 EE31 C4FB C6E4 4811 7D86 BC8F BAFA 362F 922B F01B 2F40 C744 2654 C0DD 2881 D670 CA220 400430
As the name of the public key implies, this key is made publicly available through a resource or directory. But on the other hand, the private key is secret and only the owner of that key should keep it.
Since these key pairs are mathematically related, anything encrypted with a public key can only be decrypted using its private key, and vice versa.
If Muhammad wants to send important data to Joseph and wants to make sure that only Joseph can read it, he encrypts the data using Joseph’s public key.
This way, Joseph is able to decrypt this message with his private key, and since only Joseph has access to his private key, he is the only one who can decrypt the encrypted data and return it to its original form.
Even if someone else gains access to the encrypted data, that information will remain confidential because Joseph does not allow anyone but himself to access his private key.
Simply put, your public key works just like an email address. You can give your email address to anyone and that person who has the address can only send you messages and can’t access your messages.
The person sending you the email can be sure that you are the only one who will have access to this content, just like a set of information is secured with a public key.
But the private key is like your password. No one can access your email and read your messages without your password. You can even publish your email address, but you will be very careful to keep your email password out of the hands of anyone but yourself. Because accessing this password will gain access to all your messages and information, and this works just like a private key.
The meaning of private and public key in cryptocurrency
Public and private key in blockchain technology
You may have worked many times with multiple public addresses or performed many transactions, but you did not see any trace of the private and public key.
as we mentioned before ; Encrypted public and private key pairs are used to protect the owner’s information and security. These public and private keys are used to transfer confidential information as well as to transfer financial data and even the money itself.
Let’s say you want to transfer bitcoin to one of your friends. Your friend gives you his public key address, and you transfer some bitcoins from your wallet to that address. In this transfer, you lock bitcoins with your friend’s public key, and only your friend can manage and control this asset using their own secret private key.
The public and private key will appear in the wallets you use. Each of the various cryptocurrencies in your wallet has its own unique address and these addresses represent your public key. At the same time, when you “backup” your wallet, you protect your private key.
Through these interpretations, the security of transactions with a pair of public and private keys can be ensured in the blockchain . At the same time, in this secure platform, ownership has been implemented transparently while maintaining confidentiality and privacy.
As mentioned, your public key secures the data others send to you in a way that only your private key can be opened. People will need your public key to send this data securely, but the private key is yours. Others can decrypt all encrypted messages for you using your private key. So in keeping your private key just like email password, card password, phone password and other private keys in your life; The utmost caution must be exercised