What is the role of public keys in blockchain technology?

3 answers

• Mar 22, 2022 · 3 years ago
  Public keys play a crucial role in blockchain technology. They are used to generate digital signatures, which provide security and authenticity to transactions. When a user wants to send cryptocurrency, they use their private key to create a digital signature. This signature is then verified using the corresponding public key. The public key is shared with others, allowing them to verify the authenticity of the transaction. In summary, public keys ensure the integrity and security of transactions in blockchain technology.
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• Mar 22, 2022 · 3 years ago
  Public keys are like the lock to your cryptocurrency. They are used to encrypt and decrypt information, ensuring that only the intended recipient can access it. In blockchain technology, public keys are used to create addresses, which are unique identifiers for users. These addresses are used to send and receive cryptocurrency. When someone wants to send you cryptocurrency, they need your public key to encrypt the transaction. Only you, with your private key, can decrypt and access the funds. So, public keys are essential for secure and private transactions in the blockchain.
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• Mar 22, 2022 · 3 years ago
  In the world of cryptocurrency, public keys are the key to transparency. They allow anyone to verify the validity of transactions and ensure that no one can tamper with the blockchain. Public keys are derived from private keys, but they cannot be used to reverse-engineer the private key. This means that even if someone knows your public key, they cannot determine your private key and access your funds. So, public keys provide a level of security and anonymity in the blockchain ecosystem. At BYDFi, we prioritize the use of public keys to ensure the safety and integrity of our users' transactions.
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