Hello everyone, hope you all are doing good? I'm back with the Part 2 of this amazing series, Understanding CryptoGraphy. If you haven't read the Part 1, I strongly suggest you that by clicking here. In today's article we would be looking at Public Key CryptoGraphy, Private Key CryptoGraphy and Digital Signatures CryptoGraphy.
Public Key CryptoGraphy
Public key cryptography is a key which can be shared for encrytion, verification and identification purposes. Public keys are created/generated from Private Keys. It helps provide us with our Public address which will share in order to receive funds to our wallet/account, quite similar to our conventional bank account, which is shared to the sender, in order to deposit funds to the account.
The public key is used to verify and encrypt data/funds sent. When a sender wants to send funds/message to a receiver. The receiver will send his/her public keys to sender, for him/her to encrypt the message/funds. Once the sender encrypt and sends the message/funds to the receiver, only the receiver will be able to decrypt that message/fund with his/her private keys, even the sender won't be able to decrypt the message/funds once it has been encrypted with the receiver's public keys.
Public Key CryptoGraphy
Private key cryptograohy is a key which can not be shared to others, it is meant to be kept safe and only the owner of the account/wallet should know and have access to the key. Private key is the key that gives the owner total control over his/her wallet/account. If compromised i.e stolen or lost, the owner of the wallet/account, has lost control over the wallet/account.
The private key is used to sign transactions for the wallet/account before such transactions can be broadcasted to the network. In other words, funds are sent out wallets/accounts with the use of the private key. The private key is used for signing and decrypting transactions.
Digital Signatures CryptoGraphy
In the real world, whenever we want to make a transaction, we would be asked to sign such transaction, which will show that, we have approved such transactions taking place. Same thing applies with digital signatures cryptography, the blockchain would ask us to sign a transaction, thereby approving and authorizing such transaction to be broadcasted to the network.
Take for instance, you want to delegate some Steem Power to a friend, you will be asked to sign such transaction with your Private key before delegation can take place. When you sign a transaction, the blockchain, knows that the owner of the account has authorized such transactions, because the private keys is what is used in signing transactions. Same thing, whenever you want to swap coins on Pancakeswap, Bakeswap, Uniswap and other decentralized exchanges, you must have to sign the transaction before any swapping of coin will occur.
Whenever you want to send money in the bank, you will have to sign on the cheque book/deposit slip, indicating, that you have authorize such transaction. It is same, in the crypto world, before you can send funds out of your wallet or account, you will have to digitally sign such transaction before it can take place.
I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks.
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