Public and Private Keys

Public and private keys are two types of cryptographic keys used in blockchain technology to secure and control access to a user’s cryptocurrency assets.

A public key is a unique digital code that is used to receive cryptocurrency transactions. It can be shared publicly with anyone, similar to an email address. If you have a wallet’s public key/address, you can use blockchain explorers (like Etherscan) to see what’s in that wallet or send it digital assets.

A private key, on the other hand, is a secret digital code that is used to access and control the cryptocurrency assets associated with the corresponding public key. It should be kept confidential and not shared with anyone, like a password or the key to your house, because anyone who has a wallet’s private key can exert full control over that wallet and its contents.

When a user wants to send cryptocurrency, they sign the transaction with their private key, which is then verified and validated by other users on the blockchain network using the corresponding public key. This process ensures the security and integrity of the transaction and the associated cryptocurrency assets.

In summary, public keys are used to receive cryptocurrency transactions and can be shared publicly, while private keys are used to access and control cryptocurrency assets and should be kept confidential.