In the previous chapter, we explained that an address is linked to a "private key" and a "public key," which are necessary when actually executing a transaction.<\/p>\n
Cryptocurrencies employ a method called public-key cryptography, where the "address," "private key," and "public key" are always a set.
\nThat is
\n"Create private key \u21d2 Create public key \u21d2 Create address"
\nThis is because it is created in the following way.<\/p>\n
This process is irreversible, and it is impossible to identify the underlying private or public key from the address.
\nOf course, it's also impossible to determine the private key from the public key.<\/p>\n
Now, let's take a look at how it's actually used in transactions!<\/p>\n
For example, if Alice wants to send 1 BTC to Bob, it would look like this.
\n\u2460 Alice creates a transaction to send 1 BTC from Alice's address to Bob's address.
\n\u2461 Alice encrypts the created transaction by signing it with her private key and then publishes it on the network.
\n\u2462 Miners use Alice's publicly available public key to verify whether this transaction was actually made by Alice. (This is mining!)
\n\u2463 Verification results show that the "transaction before encryption" and the "decrypted transaction" match, proving that Alice sent this transaction.
\n\u2464 The money will be sent to Bob's address. Transfer complete!<\/p>\n
It's easier to understand if you think of the address as your bank account number and the private key as your bank account's PIN.
\nIncidentally, a public key is used to generate account numbers and to verify that a transaction is legitimate.<\/p>\n
- Your address (account number) is necessary if you want someone to transfer money to you; you must share this information with the person you want to receive the money from.
\nIf your private key (PIN) is revealed to someone else, they will be able to withdraw money freely, so it would be a serious problem if it were leaked to others.
\n\u2022 Public keys are used to verify the legitimacy of transactions, so transactions cannot be conducted unless they are made public.<\/p>\n
Store your private key securely so that no one else can find it!<\/p>","protected":false},"excerpt":{"rendered":"
In the previous chapter, we explained that an address is associated with a "private key" and a "public key," which are necessary to actually execute a transaction. Virtual currencies use a method called public key cryptography, and the "address," "private key," and "public key" must be set in advance. Continue reading 06.Private and public keys<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":1528,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","format":"standard","meta":[],"categories":[1],"tags":[92,91],"acf":[],"_links":{"self":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/column\/1447"}],"collection":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/column"}],"about":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/types\/column"}],"author":[{"embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/comments?post=1447"}],"version-history":[{"count":1,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/column\/1447\/revisions"}],"predecessor-version":[{"id":1534,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/column\/1447\/revisions\/1534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/media\/1528"}],"wp:attachment":[{"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/media?parent=1447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/categories?post=1447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.standage.co.jp\/us\/wp-json\/wp\/v2\/tags?post=1447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}