Public Key Cryptography and Cryptocurrency

 Public Key Cryptography and Cryptocurrency

Public Key Cryptography and Cryptocurrency

What is Cryptography?

it’s the study of techniques for secure communication within the presence of third parties called adversaries.In simple words it’s about constructing and analyzing protocols for prevent third parties from reading private messages.
Current cryptography is especially supported mathematical theory and computing practice.

What is Cryptocurrency?

it’s a digital asset designed to figure as a medium of exchange wherein individual coin ownership records are stored during a ledger existing during a sort of computerized data base using strong cryptography to secure transaction records, to regulate the creation of additional coins, and to verify the transfer of coin ownership.

Public Key Cryptography and Cryptocurrency

In Ethereum, we use public key cryptography(also referred to as asymmetric cryptography) to make the public-private key pair.
Together they represent on Ethereum account by providing,respectively,a publicly accessible account handle(the address) and personal control over access to the other within the account and over any authentication the account needs when using smart contracts.
The private key controls access by being the unique piece of data needed to make digital signatures,which are required to sign transactions to spend any funds within the account.Digital signatures also are wont to authenticate owners or users of contracts.
Ethereum transaction is essentially an invitation to access a specific account with a specific Ethereum address.

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