Homework on Public and Private Keys - Questions

[kirstentait]

https://www.youtube.com/watch?v=xxfUpIV9wRI&ab_channel=aantonop

This explains the elliptical curve concept - really interesting! By Anton Antonopolis.

[CryptoCamel]

1. Public key is a unique one-way output that encrypts the private key. The private key is a unique set of numbers that resembles sensitive information and a method to sign and identify an entity or person.

2.Encryption and Digital Signatures.

[CryptoFi]

1. A public key is derived from a private key. A public key can be used publically that is there is not risk of bad actors deriving your private key from your public key.

2. Public keys can be used to received payments and transactions
   Public keys can be used to encrypt messages

[Stormie]

@ivan

• Describe the concept of public and private key with your own words.
  Private key use by the owner and is used to decrypt messages sent via the public key.
  public key is used by public to send messages

• What 2 use-cases can public key cryptography be used for?

Encryption and digital signatures.

[FrinaDC]

1. Describe the concept of public and private key with your own words.
   Public key can be shared with anyone. Private key is for your own use. Public keys are derived from Private keys, but you can’t go backward and guess the Private one based on the Public one.
2. What 2 use-cases can public key cryptography be used for?
   Encryption and Digital Signatures, the latter one is key for Bitcoin.

[Fabrice]

@kirstentait

This explains the elliptical curve concept - really interesting! By Anton Antonopolis.

Yeah, Awesome explanation!

This is also a great article:

A Beginner’s Guide: Private and Public Key Cryptography Deciphered

https://medium.com/coinmonks/private-and-public-key-cryptography-explained-simply-4c374d371736

How btc address are calculated:

Bitcoin Basics - Discussion

Yes, Some kind of double hash of a public key with a prefix and checksum. How to create Bitcoin Address The correct way to create a Bitcoin address is to use well tested, open source, peer reviewed wallet software. Manually handling keys has resulted in funds loss over and over again. Unlike other centralized systems losses in Bitcoin are usually unrecoverable. Here is a brief overview of how address generation works, for informational purposes: 0 - Having a private ECDSA key 18e14a7b6a307f4…

[Sergio_Garay]

1. Describe the concept of public and private key with your own words.
   A public key is a code that anyone has access to. It can be used to encrypt data.
   A private key is a code that only you have access to. From a private key, you can create a public key but no vice-versa. It can be used to decrypt data that has been encrypted.

2. What 2 use-cases can public key cryptography be used for?
   Encryption and digital signatures

[SaintEddie]

1) Describe the concept of public and private key with your own words.
A Private Key is a randomly generated number created on a computer for your benefit. A person can then use their Private Key and create a Public Key by using a special formula on their computer. The Public Key can be displayed on the Internet and is visible to anyone. The combination of both the Private and Public Key identifies a particular person and/or organization and allows the sending of encrypted messages over an unsecure network.

2) What 2 use-cases can public key cryptography be used for?
The two (2) best use cases for Public Keys are for 1) Encryption of messages/transactions, and 2) Digital Signatures that can be verified by the receiving party.

[Pattylion]

1. public key:is a large numerical value that is used to encrypt data .
   The private key: is what grants a cryptocurrency user ownership of the funds on a given address
2. public key is the address which can be used in transactions and it is used for identification

[LMC]

@ivan

• Describe the concept of public and private key with your own words.
• What 2 use-cases can public key cryptography be used for?

1. Private key is a randomly generated number from the computer, whereas public key is generated or derived from the private key. Public key cryptography will encrypt the message intended for the receiver, who will decrypt with the private key.

2. Public key is used for encryption and digital signatures. When a transaction is done on the bitcoin network, the digital signature will verify the sender’s public key is linked back to his or her private key which makes it a valid transaction, without having to reveal the private key. It also proofs the ownership of assets.

[PapatoniC]

1. Describe the concept of public and private key with your own words.

• Private key is the first one created and should belong only to the creator , and needs to be kept with
  high security so that others dont know it and cannot guess it. Public key is generated from the private
  key and can be shared with others. Private key can NEVER be generated from the public key.

2. What 2 use-cases can public key cryptography be used for?
   • Encryption messages or transactions.
   • digital signature , which is most used use case on cryptocurrencies

[mbruno]

1. The concept of public key and private key is a public key can be generated from a private key in one way sistem making secure to share your public key. The way i see it comparing with the bank sistem is the private key its your bank account , and the public key its like your pin number.

2. The use cases are encryption and digital signature.

[Edwin22]

1. the public key is generated from the private key. public key is visible yo anyone.
2. signing messages. determining the ‘owner’ of crypto coins

[Alko89]

@Pattylion

public key is the address which can be used in transactions and it is used for identification

@Edwin22

signing messages. determining the ‘owner’ of crypto coins

Both of these are digital signatures. Public key cryptography can also be used for encryption.

[Olivier]

1. Your private key is created randomly. You use it to sign transaction or decrypt message sent to your public key. Your public key is generated from your private key. You can share your public key to receive funds or messages.

2. Encryption and digital signatures.

[Wanda]

1. Private and public keys are an essential way to transact on the internet. Someone can create a private key, which then can be used to create a public key. The public key is created so that whoever sees the public key cannot figure out the private key, but whoever has the private can know the public key. So then the public key is used to transact with people publicly, and the private key is kept safe away from everybody else.
2. Public key cryptography can be used to transact on the internet and most importantly in bitcoins use case, to hold and transfer value online.

[Danielito]

1. Describe the concept of public and private key with your own words.
   Its kind of a Hashfunction. From a private key you can generate a public key but not reversal. To make sure a transaction in the bitcoinblockchain is verified and executed, you need to encrypt the transaction with the private key

2. What 2 use-cases can public key cryptography be used for?
   Encryption and digital signature

[Fosback]

@ivan

Describe the concept of public and private key with your own words.

A private key is a very long randomly generated number. The public key is mathematically derived from the private key. It is not possible to find the private key from the public key, but it is possible to verify the public key with the private key.

@ivan

What 2 use-cases can public key cryptography be used for?

Encryption and digital signing.

[Alko89]

@Wanda

Public key cryptography can be used to transact on the internet and most importantly in bitcoins use case, to hold and transfer value online.

Transactions mostly utilize digital signatures, but you can also use public key cryptography for encryption

[Lior]

1. Describe the concept of public and private key with your own words.

Public and private key are been used as digital signatures or fingerprints when the public key is a representative of the private key and cannot be used to trace back the origin of the private key from the public key alone.

2. What 2 use-cases can public key cryptography be used for?

a. Public key can be used as wallet address to send and receive funds to.
b. Encrypt messages\requests between 2 parties.