A public key is then generated from the private key using whichever cryptographic algorithm is required. The number is converted to a private key using the specific requirements of the cryptocurrency cryptography algorithm requirement. Technology Private and public key generationĪ cryptocurrency wallet works by a theoretical or random number being generated and used with a length that depends on the algorithm size of the cryptocurrency's technology requirements. It also mentioned using cryptographic proof to verify and record transactions on a blockchain. In 2008 bitcoin was introduced as the first cryptocurrency following the principle outlined by Satoshi Nakamoto in the paper “Bitcoin: A Peer-to-Peer Electronic Cash System.” The project was described as an electronic payment system using cryptographic proof instead of trust. Signing can for example result in executing a smart contract, a cryptocurrency transaction (see "bitcoin transaction" image), identification, or legally signing a 'document' (see "application form" image). In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Medium to store keys for signing cryptocurrency transactionsĪn example paper printable bitcoin wallet consisting of one bitcoin address for receiving and the corresponding private key for spendingĪ cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions.
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