What Is A Public Key?
A public key is a cryptographic code that enables a user to recieve cryptocurrencies into his or her account. The key coupled with the private key are important tools necessary to ensure the safety of the crypto economy.
When a user accomplishes his inaugural transaction with bitcoin or altcoins, a special pair of the public key and private key is made. Each one of the keys are a long string of characters that help to maintain a user’s holdings protected in the ecosystem. The key authorizes the user carry out any other transaction, withdraw, move or to spend a currency. A sophisticated algorithm is employed to the private key to generate the public key, and both keys are kept in a digital wallet.
When a transaction is initiated by a consumer to send, say bitcoins, to another individual, the transaction has to be broadcasted to the network where distributed nodes confirm the validity of this transaction before finalizing it and recording it on the blockchain. It’s digitally signed using the private key before the transaction is broadcasted. Although it doesn’t divulge the details of the private key, the signature proves ownership of their key. There is a key fashioned from the private key and the user key is used to demonstrate that the digital signature came out of his private key. The funds are sent to the receiver’s public address, once the transaction has been confirmed as legitimate.
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