A public key is a cryptographic element that plays a crucial role in the functionality and security of cryptocurrencies. It is a large, unique numerical value generated through complex mathematical algorithms and is derived from a corresponding private key. In the context of cryptocurrencies, the public key acts as the user’s address to which transactions can be sent and received. Unlike private keys, which must be kept secret and secure, public keys can be freely shared with others to facilitate transactions. The history of the word “public key” is deeply rooted in the world of cryptography and public-key cryptography, which dates back to the 1970s. The development of asymmetric cryptography, a system in which a public key and a private key work together, has been instrumental in enabling secure digital communication and transactions. In the context of cryptocurrencies, public keys were introduced as part of the first cryptocurrency, Bitcoin, created by the pseudonymous developer Satoshi Nakamoto in 2009. Pros of public keys in cryptocurrencies: Enhanced security: Public keys enable secure transactions without revealing sensitive information, such as private keys, thus protecting users’ funds from theft or unauthorized access. Transparency: Public keys allow for transparent tracking and verification of transactions on the blockchain, ensuring the integrity of the network. Ease of use: Public keys, when represented as user-friendly addresses or QR codes, simplify the process of sending and receiving cryptocurrency transactions.
Full story : Unlocking Public Keys: A Journey Through Cryptocurrency’s Essential Address System and its Pros and Cons.
