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How does ECDSA encryption work in the context of cryptocurrency transactions?

avatarRaghupathi GDec 26, 2021 · 3 years ago1 answers

Can you explain how ECDSA encryption works in the context of cryptocurrency transactions? I'm interested in understanding the technical details behind it.

How does ECDSA encryption work in the context of cryptocurrency transactions?

1 answers

  • avatarDec 26, 2021 · 3 years ago
    ECDSA encryption is a cryptographic algorithm used in cryptocurrency transactions to ensure the security and integrity of the transactions. It works by generating a pair of keys: a private key and a public key. The private key is used to create a digital signature for each transaction, while the public key is used to verify the signature. This process ensures that the transaction is valid and cannot be tampered with. ECDSA encryption is widely used in cryptocurrencies like Bitcoin and Ethereum, and it plays a crucial role in maintaining the trust and security of the blockchain network.