One of the most important and important features of cryptocurrencies is the security they provide to perform any type of transaction. When carrying out transactions with cryptocurrencies, keeping them safe and safeguarding the identity and assets of the users is fundamental, hence the existence of the wallets.
What is a wallet?
While we already gave a clear definition in the previous article entitled What is a wallet? Know how to save your cryptocurrencies, to understand well what are the public and private keys, it is necessary to refresh the wallet concept, understanding it as a digital purse where the cryptocurrencies are stored and which provides an electronic address to which they can be send the transactions that are made.
What is a private key?
A private key is a kind of security key composed of a series of cryptographically generated random numbers that are almost impossible to decipher. This key belongs only to the owner of the cryptocurrencies and is the way it has to protect them and verify that they are theirs. A private key is a hexadecimal number that is composed of 256 bits or 32 bytes, this means a string of 64 characters consisting of numbers from 0 to 9 and letters between A and F (including uppercase and lowercase).
What is a public key?
A public key of a wallet (or blockchain) is somewhat similar to a bank account number. Unlike the private key or private key, this address can have any, that is, you can give it to anyone you want to send money, without risking being “stolen” or scammed, thanks to There are private keys and digital signatures, which are necessary to confirm the authenticity of the transaction.
Use of public and private keys
To see it in a clearer way we will put the following example: suppose that someone wants to send you some cryptocurrencies to your electronic address, for this you give your public key. At the moment that person uses your public key is really using is a version of hash that makes up one of the fundamental elements of the block of transactions that is part of the blockchain.
At the end of the shipment that person must provide your private key, which is like your signature, and that will serve to confirm that it is she who is sending your cryptocurrencies to your wallet, this is the only way to protect their cryptoactive and to confirm that it really is she who is making those transactions, although the public key can have anyone inside the blockchain, the private key only possesses the owner of the cryptocurrencies.
What is a digital signature?
Having clearer the concepts of key (or key) public and private, it will be much easier to understand the concept of digital signature. A digital signature is the form that a user that is part of the blockchain has, to demonstrate that he knows his private key, without needing to reveal it completely to other people.
Basically a digital signature is composed of two elements: a part of the private key and an element of the transaction and are usually included in the segment of the private key. Because it is a cryptographic element, it is something that is calculated, accurate and precise and does not fail at any time, that is why it fully guarantees the security of the transaction.
What do you think about this topic? Did you know the use of the public and private keys of a wallet?
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