How is public-key cryptography used in securing digital transactions in cryptocurrencies?

3 answers

• MALIK IBADOct 31, 2022 · 3 years ago
  Public-key cryptography plays a crucial role in securing digital transactions in cryptocurrencies. It involves the use of two keys: a public key and a private key. The public key is used to encrypt the transaction data, while the private key is used to decrypt it. This ensures that only the intended recipient can access and read the transaction information. Additionally, public-key cryptography also enables digital signatures, which provide authentication and integrity to the transactions. By signing the transaction with their private key, the sender can prove their identity and ensure that the transaction has not been tampered with during transit.
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• dom08052003Sep 23, 2023 · 2 years ago
  Public-key cryptography is like the superhero of digital transactions in cryptocurrencies. It uses a pair of keys - one public and one private - to keep the transactions secure. The public key is like the cape, it's visible to everyone and can be used to encrypt the transaction data. But the private key is like the secret identity, only known to the owner and used to decrypt the encrypted data. This ensures that only the intended recipient can access the transaction information. It's like a secret handshake that guarantees the authenticity and integrity of the transaction.
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• Jaykant NayakJul 27, 2020 · 6 years ago
  Public-key cryptography is the backbone of secure digital transactions in cryptocurrencies. It's like a lock and key system, where the public key acts as the lock and the private key acts as the key. When a transaction is initiated, the sender uses the recipient's public key to encrypt the transaction data. This encrypted data can only be decrypted using the recipient's private key, ensuring that only the intended recipient can access and understand the transaction information. This ensures the confidentiality and security of the transaction, making it virtually impossible for anyone else to intercept or tamper with the data during transit. Public-key cryptography is a game-changer in the world of digital transactions, providing a robust and secure framework for cryptocurrencies.
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