What is the role of symmetric encryption vs asymmetric encryption in securing digital currencies?

1 answers

• Jan 15, 2022 · 3 years ago
  At BYDFi, we understand the importance of encryption in securing digital currencies. Symmetric encryption and asymmetric encryption play complementary roles in protecting the confidentiality and integrity of transactions. Symmetric encryption is used to encrypt sensitive data at rest, such as private keys stored in wallets. Asymmetric encryption, on the other hand, is used for secure communication between parties, ensuring that transactions are signed by the correct sender and verified by the intended recipient. By leveraging the strengths of both encryption methods, we can create a robust and secure environment for digital currency transactions.
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