Public Key

Written by Max Hinchman

Introduction

The public key is the vehicle used in cryptocurrencies to send transaction information and is generated from the private key using a complex algorithm. The public key is shared freely among users of the blockchain, but the message’s true meaning is impossible to decipher without the private key. The key aspect of the public key is the trap door function, which refers to the fact that it is nearly impossible to derive the private key using the public key without having additional info.

Private-public key cryptography is used by bitcoin and other blockchain products for sending and receiving goods. In the case of bitcoin, the private-public key cryptography is used to send and access bitcoin. However, private and public keys perform different tasks. A common example to explain the private-public key relationship is a mailbox. Anyone can deliver mail to the mailbox using just by having the address (public key), but the mailbox can only be accessed by the owner with a key (private key).

In addition the public key being used to store and send information, it is also used in digitally signing transactions. This process ensures that the transaction was authorized by the owner, prevents the owner from denying that the message was sent, and also verifies that the transaction was not altered in any form.

Innovations in public in public key cryptography further enabled the general public to maintain privacy and freedom and is exactly why public key cryptography is a core component of blockchain technology.

Suggested Reading

Public Key Cryptography Simply Explained by Brandon Skerritt

Public Key Cryptography — A Comprehensive Guide by Till Antonio Mahler