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The role of public keys in Cryptocurrency Safety: Insights from Cardano (ADA)
Cryptocurrencies have caused a revolution in the way we consider money and financial transactions. With the advent of blockchain technology, cryptocurrencies such as Bitcoin and Ethereum acquired extensive acceptance as a means of exchange. However, despite their growing popularity, cryptocurrencies still face significant security challenges.
One of the most important aspects of cryptocurrency safety is the use of public keys also known as private keys or addresses. These keys are used to verify blockchain transactions and to manage access to specific assets. In this article, we will review the role of public keys in the safety of cryptomena and examine how Cardano (ADA) uses public keys to improve the security of its platform.
What are public keys?
In Blockchain, each user is assigned a unique public key that serves as a digital identity. This public key is used to verify transactions and manage access to specific network assets. A private key, also known as a seed phrase or recovery phrase, is used to create multiple addresses and new coins.
How do public keys work
When the user sends a cryptocurrency from one address to another, it must be verified by the blockchain nodes (i.e., the computers that verify the transactions). To verify the transaction, the node must receive a public key. If the sender’s public key coincides with the recipient’s public key, it is considered valid and the transaction may continue.
Public keys problem
However, there are several security concerns related to public keys:
1.
- Key Exposure : If a private key is at risk, an attacker can steal all coins associated with this address.
3
Cardanov Access
To mitigate these risks, Cardano has developed a new approach to ensure cryptomena transactions using public keys. By using its extensive experience in the development and implementation of large blockchain systems, Cardano is able to create more robust and more durable security protocols.
One of the key features of a Cardana approach is the use of evidence
zero knowledge (ZKPS)
. ZKP allows users to prove the validity of transactions without revealing its private keys. This allows safe and effective verification of blockchain transactions without detecting sensitive information.
How Cardano uses public keys
Cardano uses public keys in several ways:
1
- Secured calculations of several pages (SMPC) : SMPC allows multiple parties to perform together the calculations without revealing the input or output of the individual party. This is useful for safe data processing and verification of transactions on blockchain.
3
Development of decentralized application (DAPP) : Cardano platform allows developers to create decentralized applications using a wide range of smart contracts that are carried out on blockchain.
Conclusion
Cryptocurrencies continue to develop rapidly and safety remains one of the most important challenges. By using its expertise in the development of large -scale blockchain systems, Cardano is able to create more robust and more durable security protocols. Public keys play a crucial role in these protocols and provide a safe basis for verifying transactions and management of blockchain assets.