Tag: private key

Private Key & Public Key – they work together

If PKI—Public Key Infrastructure—is used for a system, then there is usually a key pair that match. The public key, the public part of the couple, will be announced publicly. Data can then be checked for authenticity against this public key, and messages or transactions can also be securely exchanged. Without its counterpart, the private key, this public key is essentially useless.

Every public key has a private key

This key you have to guard with your life. Only with this key can a transaction or message sent to a public key be decrypted. Also, a transaction, for example, can only be executed by the signature of its private key. The person who owns the private key essentially has the master key to the account and can move all valuables or send messages as if they had been sent by the real owners. The key must never be given out or announced—ever! In online wallets and crypto exchanges, the private key is stored for the user. This is convenient but highly dangerous. You cannot eliminate the risk of a hacker or a bad-tempered employee of the service stealing or abusing your keys.