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Public Key

A public key is a cryptographic code that allows users to receive cryptocurrencies into their accounts. It is derived from a private key and is used in tandem with it in the encryption process.

Key Points:

  1. Pairing with Private Key:
    • Every public key has a corresponding private key. They are mathematically linked, but it’s computationally infeasible to deduce the private key if you know the public key.
  2. Visibility:
    • Unlike private keys, public keys are meant to be shared. They are used to create wallet addresses where others can send you cryptocurrencies.
  3. Encryption & Digital Signatures:
    • Public keys are used in encryption and digital signatures. When someone wants to send an encrypted message, they use the recipient’s public key. The recipient then uses their private key to decrypt it.
    • For digital signatures, the signer uses their private key to sign, and the recipient uses the signer’s public key to verify the signature.
  4. Safety:
    • Sharing your public key does not compromise the security of your funds. However, the private key, which is linked to the public key, must remain confidential.
  5. Address Generation:
    • Cryptocurrency addresses, which are used to receive funds, are often generated from public keys through a hashing process.
  6. Non-Reversible:
    • While a public key is generated from a private key, the reverse is not true. One cannot derive the private key from the public key due to the cryptographic algorithms in place.

Examples:

  • Cryptocurrency Transactions:
    • When Alice wants to send Bob some cryptocurrency, Bob provides his public key (or address derived from it). Alice uses this to send the funds, and Bob uses his private key to access and spend them.
  • Secure Communication:
    • In encrypted messaging, if Bob wants to send Alice a confidential message, he encrypts it using Alice’s public key. Only Alice, with her private key, can decrypt and read the message.
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin67,855 0.30 % 2.12 % 3.76 %
Litecoin85.73 0.06 % 0.90 % 4.24 %
Ethereum2,197.2 0.23 % 0.67 % 2.46 %
Dogecoin0.1548 0.37 % 0.09 % 7.69 %
USDC1.000 0.10 % 0.02 % 0.08 %
Cardano0.2543 0.15 % 1.68 % 3.38 %
Tether0.9990 0.10 % 0.04 % 0.02 %
Binance Coin (Wormhole)222.47 0.38 % 4.71 % 3.08 %