Public keys and private keys: what they are and how they work
Public keys and private keys: what they are and how they work www.binance.com 9 min January 21, 2022 View Original Without private and public keys, it will not be possible to transfer and receive cryptocurrency. They are also needed to ensure privacy and protect digital assets. They can be used from any device and any crypto wallet, without being tied to a location. What are public and private keys To work with cryptocurrency, special wallet programs are used. To transfer and exchange digital money, you need to have two types of encryption keys: private (closed); public (open). Both keys are linked to the software wallet and can be imported into another wallet at the user's discretion. The coins themselves are in the form of unspent transaction data and are stored on a distributed ledger – the blockchain. It is to gain access to this registry that keys are needed. Without them, it will not be possible to transfer cryptocurrency to another user. That is, the main function of a