What is the role of public and private key cryptography in securing digital currencies?

1 answers

• Apr 30, 2022 · 3 years ago
  Public and private key cryptography is an essential component of digital currency security. It provides a secure way to verify the authenticity of transactions and protect users' funds. In the case of digital currencies, the public key is used to generate a digital signature, which serves as a proof of ownership and authenticity. The private key, on the other hand, is kept secret and is used to decrypt the signature and confirm the transaction. This ensures that only the rightful owner of the private key can access and transfer the digital currency. Without public and private key cryptography, digital currencies would be vulnerable to fraud and unauthorized access.
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