What they are
Quite literally, the public key is made available to everyone via a publicly accessible repository or directory, while the private key is confidential to its respective owner.
Public keys are solely used to encrypt messages. They are published so that anyone can send a specific receiver a secure message. Private keys are secret keys used for decrypting messages that are encrypted with a matching public key, and they are generated through a sophisticated type of cryptography that enables you to access your currencies. Hence, the combination of private and public keys helps to protect one from any unauthorized access to funds.
Both the public key and private key though different, are mathematically related and therefore whatever is encrypted may only be decrypted by a matching private key and vice versa.
Reason Why They Can’t Do Without Each Other
In the cryptocurrency arena, a user is given a public address and a private key to send and receive tokens. Funds are deposited in the public address and can only be withdrawn with his/her unique private key. The public key is designed from the private key but a reverse process to generate a private one from a public one is not possible.
For example, if Jane wants to send sensitive data to Mike and wants to make sure only he has the access to it, she will encrypt the data with Mike’s public key. Mike is the only one who has access to his corresponding private key and thus is the only one who is able to decrypt the encrypted data back to its original form. Even if someone gains access to the encrypted data, it will remain confidential as they should not have access to Mike’s private key.
If the public key was the locking key, it can be used to send private communication to the holder of the unlocking key.
Only the one with the matching private key is able to receive the message, ensuring confidentiality between two parties.
Similarly, if the private key was used to encrypt the message, the corresponding public key is required to receive the message.
Both of these keys are essential in the cryptography. The significant difference between the two keys as locking keys is that the public key is used to establish confidentiality while the private key is used to guarantee authenticity. A fundamental reason why cryptocurrency is gaining traction in the market today is due to its high security.
SPIKE Wallets — Keeping your currencies safe
What you now know about public and private key also applies to SPIKE Wallet, a wallet that is created simultaneously when you register as user on Spiking app as part of the SPIKE Protocol.
To give you an idea of what the Spiking app is, it is a fintech app that aims to bridge the knowledge asymmetry between the big whales and the average traders and ease the traders in the scene of investment and trading better. As much as the whales are required to share publicly their movements in the stocks market, the crypto whales are not required to disclose any movements in their crypto trading. Hence, it is more challenging for traders to learn the ropes on their own in the crypto landscape. Being able to track whales via Spiking would be a valuable barometer here!
The SPIKE Wallet automatically creates SPIKE, BTC and ETH address for you and allows for SPIKE related transactions to be managed in one single platform. Here, you are empowered to authorise transactions in the app itself. Additionlly, Spiking do not store any user wallet credentials on their system as well, hence safety is more assured here. As aforementioned, the private key is only known to you.
by Amelia Lee, Sales Contract
Drawing from its successful and rich experience in the stock market since 2016, Spiking is expanding to cryptocurrency trading! With its unique and powerful trading tool and its AI robot Robobull, Spiking enables traders to easily find whales and mirror the trades automatically. At Spiking, we strive to help traders make better decisions and take the steps toward fulfilling their dreams of achieving financial freedom. Check out Spiking App, Top Grossing Finance App at App Store & Google Play.
Keep in touch with us.