Public key as its name implies is a key known by everyone whereas private key is a key known only to the owner. We will get to know more about these two as we read on.
Introduction
As the world and the internet evolve, facilitating easy fund transfers, data exchange, and information searches, concerns arise about the safety of data entering the crypto ecosystem. With blockchain technology and encryption, we are assured that our transmitted information is secure from third-party interference. In cryptography, a key is a sequence of letters or numbers stored in a file and utilized in cryptographic algorithms to encode and decode data.
There are two types of keys: the Public Key and the Private Key. This post will compare the Public Key and the Private Key.
Understanding Public Key and Private Key.
WHAT IS PUBLIC KEY?
A public key is a cryptographic code that anyone can use to encrypt data or messages whereby only the corresponding private key can decrypt the data or message.
WHAT IS PRIVATE KEY?
A private key is a code made up of alphabets and numbers generated by a cryptocurrency wallet. This key shows authorization and proves ownership of a blockchain asset or wallet.
How Does The Public Key Work?
Encrypting public keys is complex because it involves two keys. There are algorithms used in generating a public key. These algorithms generate alphanumeric code with different sizes depending on the quality of information shared.
The public keys are created with an expiration date; once expired, no data can be encrypted using the specific public key, while the private key will continue to decrypt information.
How Does The Private Key Work?
A private key decrypts and encrypts data. Cryptocurrency is managed using a series of digital keys and addresses, symbolizing ownership and command over digital tokens. One can deposit Bitcoin or other tokens at any public address, although the recipient needs a specific private key to retrieve the deposited cryptocurrency.
Encryption and Decryption:
- Encryption: Imagine you want to send a secret message to a friend. You use a public key (which is available to anyone) to encrypt the message. This is like locking the message in a special box that can only be opened with the corresponding key.
- Decryption: Your friend uses their private key to decrypt the message. This private key is the special key that can unlock the box and read the message.
Digital Signatures:
- When you send a digital message or a document, you can use your private key to sign it. This is like putting your signature on the document to prove it’s really from you.
- Others can use your public key to verify your signature. If it matches, they know the document is authentic and hasn’t been tampered with.
Example:
Imagine you have a box (the message) and a lock with two keys (public and private keys). You lock the box with the public key, and only someone with the private key can open it. Similarly, if you lock the box with the private key (signing), anyone with the public key can verify that it was you who locked it. In other words, it is essential to keep your private key safe.
Role of Public Key and Private Key.
A public key is an alphanumeric string generated by algorithms. It encrypts data for decryption using a private key. In public key encryption, distinct keys serve different roles, while private key encryption employs a single key for both encryption and decryption.
Comparison Between Public Key and Private Key.
- Public key encryption utilizes a set of public and private keys for encoding and decoding data while The process of private key encryption involves using a single key, also known as a secret key, to both encode and decode data.
- When it comes to public keys, the sender and receiver use different keys. The sender shares the private key with the receiver but with the private key, the sender and recipient use the same key for both encoding and decoding tasks. The key is securely shared with the recipient.
- Public key is referred to as asymmetric encryption because two distinct keys serve various functions whereas the private key is also referred to as a symmetric encryption algorithm since a single key is used for both encryption and decryption.
- The public key is visible to everyone while the private key should be securely stored and shared only with authorized parties.
- For the public key, the sender and receiver do not use the same key. The sender shares the private key with the receiver but When it comes to the private key, the same key is used throughout thereby making its encryption faster.
- It is not likely to lose a public key but you are likely to lose a private key if not properly stored. Therefore, a private key should not be stored online.
Conclusion
As technology becomes integral to every aspect of our lives, securing our information from unauthorized access is more essential than ever. The most reliable way to ensure security is to use public and private keys.
We hope that this post has clarified the difference between public and private keys and their roles in digital security
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