Thank you for listening!
In this episode of WTF is CryptoSpace, Chad and Brett discuss the Public Key Vs. Private Key to determine their roles are and how they differ from each other to support a transaction in the CryptoSpace.
If you are a member of the CryptoSpace community, interested in Blockchain technology (you are not alone) or just curious about Cryptocurrencies such as Ethereum and Bitcoin then join us for your regular chat here at WTF is CryptoSpace.
What is a Public Key?
This is a cryptographic key that can be obtained and used by anyone to encrypt messages intended for a particular recipient, such that the encrypted messages can be deciphered only by using a second key that is known only to the recipient (the private key ).
What is a Private Key?
The Private Key is the longer of the two, and is used to generate a signature for each blockchain transaction a user sends out. This signature is used to confirm that the transaction has come from the user, and also prevents the transaction from being altered by anyone once it has been issued. In short, you sign the cryptocurrencies you send to others using a Private Key. If someone were to obtain your private key, they would be able to send your cryptocurrencies to themselves, verifying that transaction with the Private Key — in effect stealing from you!
The Private Key is used to mathematically derive the Public Key, which (along with information about the network and a checksum) is then transformed with a hash function to produce the address that other people can see. You receive cryptocurrencies that others send to your address (which is a result of the hash of your public key and some additional information).
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