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The term "cryptocurrency" is a mix of the words "cryptography" and "currency." Despite this, many people are still confused about what cryptography is and how it relates to cryptocurrency. So, let's take a closer look at cryptography and how it's applied to Bitcoin.
Cryptography is the practice of encrypting data or information in order to keep it hidden from third parties. From the Allied troops transmitting military messages back and forth during WWII to Julius Ceaser employing ciphers to convey encrypted messages to his generals during ancient times, cryptography has been utilized for a variety of purposes.
Cryptography is frequently used to protect sensitive data from being accessed and stolen by persons who are not authorized to see it. Military, financial, scientific, mathematical, medical, and other types of data can be used. There are a variety of reasons why many people must keep certain details hidden.
Some information could represent a national security threat if it is shared with the wrong person. To maintain national security, nuclear launch codes, passwords to weapons storage facilities, infection disease holding centers such as CDC testing facilities, and other similar information must be kept secret. Only the right individuals have access to the sensitive data that matters, thanks to cryptography.
Cryptography can be applied to a piece of data in a number of various ways. Transposition cyphers were used to rearrange the letters of a message before the advent of modern technologies. A message that reads NRGEE SRGAS, for example, might be placed through a transposition cipher to reposition the letters to read GREEN GRASS. This is a very basic application of the cryptography principle. It was, nonetheless, quite popular in ancient times.
The methods for applying cryptography to data have become a lot more complicated. Data can now be encrypted in more elaborate ways than ever before, thanks to very advanced computer and mathematical techniques. Modern cryptocurrencies make use of some of this technology. No matter how complex cryptography becomes, the essential idea remains the same: encrypt data and conceal its true meaning so that only those with permission may decipher it.
Cryptography is used in cryptocurrency for three major purposes: to secure transactions, to manage the creation of new units, and to validate asset transfers. Cryptocurrencies use a technique known as "public key cryptography" to do all of these things.
A user who uses public key cryptography has both a public and a private key. Both are encrypted and consist of a random collection of numbers and letters, such as HUorgIOJin7U9NO0hjmnhnuU65Gh87. These keys are typically 30 letters or numbers long. The public key's function is to provide users with an address to which they can send money. The private key's goal is to unlock the public key so that you may get the money you've sent.
Only the person who knows the private key can unlock the public key in this way. Consider a blue metallic mailbox that you might see in public places to get a better idea of how this works. Although anyone can place mail in these boxes, only the mailman has the key to unlock the mailbox and remove the mail. Cryptocurrency cryptography operates in a similar manner.
Money can be deposited into a public key/address (mailbox) by anyone, but only those with the private key can access it (mailmen). As a result, in the cryptocurrency world, it's as if everyone has their own mailbox and key to open it. This lets people to receive money and access it without allowing other people to do so. Public key cryptography is a technological marvel that is transforming the internet payment business at a breakneck pace.
Cryptography is a concept that has been around for millennia. It's been utilized in a variety of ways by a wide range of people for a variety of causes. Despite cryptography's long history, public key cryptography-based cryptocurrencies are still in their early stages. In truth, Bitcoin (the first cryptocurrency) has only been around for roughly 9 to 10 years. This type of cryptography's limitless potential is only now beginning to be realized.