What is a public key?

A public key is one of the main elements of cryptography, which is used to ensure the security and confidentiality of data on the blockchain network. It is a unique sequence of characters that serves to identify the owner of a wallet or address in the\blockchain.

How the public key works.

The principle of operation of a public key is based on the use of asymmetric encryption, in which data is encrypted using one key, and decrypted using another. The public key is available to all network participants, while the private key is known only to the owner of the\wallet.

For example, consider the process of sending cryptocurrency from wallet A to wallet B:

  • Wallet A generates a unique public and private key.

  • The public key of wallet A is sent to the network, where it becomes available to all participants.

  • Wallet B receives the public key from wallet A and uses it to create a transaction.

  • The transaction is signed with the private key of wallet B and sent to the blockchain for confirmation.

  • After the transaction is confirmed, the cryptocurrency is transferred from wallet A to wallet B.

Example of a public key in bitcoin.

As an example of a public key, you can consider the address of a wallet in the bitcoin network. The wallet address consists of 26-35 alphanumeric characters and starts with "1", "3" or"bc1". This address is a public key that can be used to send bitcoins to this wallet.

For example, the public key of a wallet might look like this: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2. You can use this key to verify the authenticity of transactions sent to this address.

It is important to note that the public key should not be disclosed to third parties, as this may lead to unauthorized access to the wallet and theft of the cryptocurrency.

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