Which cryptographic concept is employed to establish identity in the context of digital currencies?

5 answers

• Malmberg WolffJun 10, 2020 · 5 years ago
  Cryptographic concept employed to establish identity in the context of digital currencies is called public key cryptography. It involves the use of a pair of cryptographic keys: a public key and a private key. The public key is used to encrypt data and verify digital signatures, while the private key is kept secret and used to decrypt data and create digital signatures. This concept ensures secure and verifiable transactions in the digital currency ecosystem.
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• Filip ČehovskýSep 23, 2020 · 5 years ago
  The cryptographic concept used to establish identity in the context of digital currencies is known as public key infrastructure (PKI). PKI relies on the use of digital certificates, which are issued by trusted third-party entities known as certificate authorities. These certificates contain the public key of the user and are used to verify their identity during transactions. PKI ensures the integrity and authenticity of digital currency transactions.
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• shivaraju sOct 13, 2023 · 2 years ago
  When it comes to establishing identity in the context of digital currencies, the cryptographic concept that plays a crucial role is public key cryptography. This concept is based on the use of asymmetric key pairs, consisting of a public key and a private key. The public key is shared with others to verify the user's identity, while the private key is kept secret and used for digital signatures. Public key cryptography ensures secure and tamper-proof transactions in the digital currency space. At BYDFi, we prioritize the use of public key cryptography to safeguard our users' identities and transactions.
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• Justin Simon GarciaApr 06, 2023 · 2 years ago
  The cryptographic concept employed to establish identity in the context of digital currencies is public key cryptography. This concept relies on the use of mathematical algorithms to generate a pair of keys: a public key and a private key. The public key is shared with others to verify the user's identity, while the private key is kept secret and used for digital signatures. Public key cryptography ensures secure and trustworthy transactions in the digital currency ecosystem.
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• Najat BakraouiJul 17, 2022 · 3 years ago
  To establish identity in the context of digital currencies, the cryptographic concept used is public key cryptography. This concept utilizes a pair of keys: a public key and a private key. The public key is used to encrypt data and verify digital signatures, while the private key is kept secret and used for decryption and creating digital signatures. Public key cryptography ensures the authenticity and integrity of transactions in the digital currency realm.
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