Understanding the difference between a public key and an Ethereum address is an important step. While they’re both crucial for sending and receiving cryptocurrency, they serve distinct purposes. Here’s a breakdown to shed some light on these concepts:
Public Key: The Open Door Policy
Imagine you have a secure house with a fancy lock. To open the door, someone needs a specific key. In the world of cryptocurrency, the public key is like that special key – it’s a unique piece of information that allows others to send you funds. Think of it as a publicly known address where people can deliver your crypto packages.
How it’s Generated:Public keys are mathematically derived from aprivate key, which is like the master key to your house. You keep this private key safe and never share it with anyone.
Transparency:Your public key is designed to be shared. It’s visible on the blockchain, allowing anyone to see it and send you cryptocurrency.
Example: Sharing Your Public Key
If you want someone to send you Ethereum (ETH), you would give them your public key. It might look something like this: 0x1234567890AbCdEf1234567890AbCdEf1234567890AbCdEf1234
Anyone with this key can send ETH to your address, but they can’t steal it without your private key.
Now, while the public key acts like the special key to open your door, it’s not the most convenient address for everyday use. It’s a long string of characters that can be cumbersome to type or share. This is where the Ethereum address comes in.
Derived from Public Key:The Ethereum address is actually a shortened, hashed version of your public key. Think of it like a nickname for your long public key address – shorter, easier to remember, and easier to share.
Interaction Point:Your Ethereum address is what you use to interact with the Ethereum network. It’s the address you provide to exchanges or other users when you want to send or receive ETH.
Example: Sharing Your Ethereum Address
When someone asks for your Ethereum address, you can share the shorter, more manageable version derived from your public key. It might look something like this:0xAbCdEf1234
This shorter address is all someone needs to send you ETH.
Key Differences to Remember
Here’s a table summarizing the key differences between public keys and Ethereum addresses:
Feature
Public Key
Ethereum Address
Purpose
Used to receive crypto
Used to receive crypto (shorter version of public key)
Derivation
Generated from private key
Derived from public key (hashed)
Sharing
Can be shared publicly
Can be shared publicly
Analogy
Special key to open door
Nickname for your public key address
Conclusion
Both public keys and Ethereum addresses are essential for interacting with the Ethereum network. Your public key allows others to send you funds, while your Ethereum address provides a convenient way to share your public key information. Keep your private key safe and never share it, and use your public key or Ethereum address to receive cryptocurrency. Now you have the keys to understanding these cryptographic concepts!
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Your public key allows others to send you funds, while your Ethereum address provides a convenient way to share your public key information. Keep your private key safe and never share it, and use your public key or Ethereum address to receive cryptocurrency.
It is important to note that a public key is not the same as a wallet address, as some people may believe. A public key is part of the wallet address and is used to facilitate transactions, while a wallet address is used to identify a destination for cryptocurrency transactions.
Just like Bitcoin, Ethereum also uses secp256k1 Elliptic Curve Cryptography. Public key is generated from private key. PublicKey = PrivateKey * G is the expression of finding the Public Key from Private Key.
A public address, also known as a public key or wallet address, is a cryptographic string of characters derived from a user's public key. It serves as a unique identifier that allows individuals to receive, view, and verify transactions on a blockchain network.
An Ethereum address is a public string of letters and numbers starting with “0x.” The balance of every Ethereum address can be seen on the blockchain, although who controls which address is not known because an address on the network is represented through a string of numbers and letters.
Suppose Alice wishes to receive encrypted messages; she publishes one of the keys, the public key, and anyone, say Bob, can use it to encrypt a message and send it to her. When Alice gets the encrypted message, she uses the private key to decrypt it and read the original message.
A public key can be given to any person with whom an individual wants to communicate, whereas a private key belongs to the individual it was created for and isn't shared. The public key is typically stored on a public key infrastructure server and is used to encrypt data securely before it is sent over the internet.
Derived from Public Key: The Ethereum address is actually a shortened, hashed version of your public key. Think of it like a nickname for your long public key address – shorter, easier to remember, and easier to share. Interaction Point: Your Ethereum address is what you use to interact with the Ethereum network.
You can find out your Ethereum address by opening your multi-chain Bitcoin wallet. Read more: How do I create an Ethereum wallet? Every Ethereum wallet is a little different, but your Ethereum address will always be displayed somewhere within the wallet.
To generate an SSH private/public key pair for your use, you can use the ssh-keygen command-line utility. You can run the ssh-keygen command from the command line to generate an SSH private/public key pair. If you are using Windows, by default you may not have access to the ssh-keygen command.
A public key allows you to receive cryptocurrency transactions. It's a cryptographic code that's paired to a private key. While anyone can send transactions to the public key, you need the private key to “unlock” them and prove that you are the owner of the cryptocurrency received in the transaction.
One key is nominated as the private key and is kept secret. The other key is distributed to anyone who wants it; this key is the public key. Anyone can encrypt a message by using your public key, but only you can read it. When you receive the message, you decrypt it by using your private key.
In hexadecimal, 2 digits represent a byte, meaning addresses contain 40 hexadecimal digits. An example of an Ethereum address is 0xb794f5ea0ba39494ce839613fffba74279579268. Contract addresses are in the same format, however, they are determined by sender and creation transaction nonce.
Basically, the Ethereum address is the "public" address that you would need to receive funds from another party through the Ethereum network. This means if the network is on a different network, the fund will not appear in the recipient's wallet address.
Hence, a public address is the shortened version of the public key. As such, a public address can be freely shared with other people and they can send crypto to that address. A wallet is a virtual keychain that allows you to securely store, manage, and transfer your cryptocurrencies.
In a P2PKH transaction, the sender does not need to know the recipient's actual public key. Instead, the sender uses a hash of the recipient's public key. This hash acts as the address to which the sender will transfer the bitcoin. This address is what you commonly see and use in Bitcoin transactions.
A public IP address is unique and visible to everyone.It ensures that you can be clearly identified on the internet.By contrast, a private IP address is only used within a private network. This allows the devices within a network to connect securely to one another.
Public key cryptography is a method of encrypting or signing data with two different keys and making one of the keys, the public key, available for anyone to use. The other key is known as the private key. Data encrypted with the public key can only be decrypted with the private key.
Introduction: My name is Msgr. Refugio Daniel, I am a fine, precious, encouraging, calm, glamorous, vivacious, friendly person who loves writing and wants to share my knowledge and understanding with you.
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