A key is the blockchain version of a .
A blockchain key is used by the key holder to sign transactions. When two parties want to exchange data, they will create a key as a hash code through a process of encryption. This altcoins as well.
Public vs. Private Keys – What’s the Difference?
Public keys
A public key only has a once-off use which is to act as a link between the public and private data of a particular . This key pairing between the public and private domains of the blockchain is known as an ‘asymmetric key pair.’ Public are intended for either a single transaction or data verification. Once a public key is hashed, it can only be decrypted by the associated private key. No other private or public key will be able to decode it. Once it is used, it becomes defunct and a new key will need to be generated for the next transaction even if the transaction is identical to the last.
Private keys
A private key is unique to the and is the cryptographic used to access the owner’s personal data on their hashing, the greater the length of a and the more varied its character composition, the more difficult it is for a hacking program to crack.
The need for such stringent measures became quickly apparent when Bitcoin and altcoins started becoming more popular, and hackers decided to start stealing coins. This is why hackers usually try to access the through other means, such as through its being stored on an email address or cryptocurrency exchange platform. This is also why so many people argue for certain types of e-wallets over others.
