What are the functions of public keys and private keys in the blockchain technology?

6 answers

• DankDaddy8Jul 30, 2022 · 4 years ago
  Public keys and private keys are essential components of blockchain technology. Public keys are used to receive funds and are shared openly with others. They serve as the address where others can send cryptocurrencies. On the other hand, private keys are kept secret and are used to access and control the funds associated with the corresponding public key. They are like the password to your bank account. The private key is used to sign transactions and prove ownership of the funds. Without the private key, no one can access or transfer the funds. This cryptographic pair ensures the security and integrity of transactions in the blockchain.
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• Sigurd HellesvikNov 09, 2023 · 2 years ago
  Alright, let's break it down. Public keys are like your bank account number. You share it with others so they can send you money. Private keys, on the other hand, are like the PIN code to your bank account. You keep it secret and use it to access and control your funds. When you want to send a transaction in the blockchain, you use your private key to sign the transaction and prove that you are the rightful owner of the funds. This way, only you can access and transfer your cryptocurrencies. It's like having your own digital vault.
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• Marwan KheireddineAug 01, 2020 · 6 years ago
  Public keys and private keys play a crucial role in ensuring the security and authenticity of transactions in the blockchain. Public keys are derived from private keys using complex mathematical algorithms. They are used to generate unique addresses for receiving funds. When someone wants to send you cryptocurrencies, they use your public key as the destination address. Private keys, on the other hand, are kept secret and are used to sign transactions. They provide cryptographic proof that the transaction is authorized by the owner of the corresponding public key. This ensures that only the rightful owner can access and transfer the funds.
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• JimboNov 25, 2020 · 5 years ago
  Public keys and private keys are like the dynamic duo of the blockchain world. Public keys are like your public identity, while private keys are your secret superpower. Public keys are used to generate addresses where you can receive cryptocurrencies. They are shared openly with others, just like your email address. Private keys, on the other hand, are kept hidden and secure. They are used to access and control your funds. Think of them as the key to your digital treasure chest. With your private key, you can sign transactions and prove that you are the rightful owner of the funds. It's like having your own secret superhero code.
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• AM AMIT BHADANAJul 22, 2020 · 6 years ago
  Public keys and private keys are fundamental to the security and functionality of the blockchain. Public keys are derived from private keys and are used to generate unique addresses for receiving funds. They are shared openly with others, allowing them to send cryptocurrencies to your address. Private keys, on the other hand, are kept secret and are used to sign transactions. They provide cryptographic proof that the transaction is authorized by the owner of the corresponding public key. This ensures that only the rightful owner can access and transfer the funds. In the world of blockchain, public keys and private keys are the keys to the kingdom.
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• jazzNov 03, 2021 · 4 years ago
  Public keys and private keys are integral to the security and operation of the blockchain. Public keys are derived from private keys and are used to generate addresses for receiving funds. They are shared openly with others, just like your mailing address. Private keys, however, are kept confidential and are used to sign transactions. They serve as the digital signature that proves you are the rightful owner of the funds. Without the private key, no one can access or transfer the funds associated with the corresponding public key. It's like having a lock and key system for your digital assets.
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