Blockchain and Cryptocurrency Advanced - Blockchain CryptoGraphy: Practical Demonstration of Private and Public Keys

Keys

Demonstrating the blockchain public and private keys practically, I will be making use of a tool by andersbrownworth https://andersbrownworth.com/blockchain/public-private-keys/keys
From the screenshot, we can clearly see that the blockchain has generated a pair of public-private keys which is what is known as asymmetric cryptography.

Private key - 87951039812412640276161954906742770828435671519660996219421308480781215647899

Public key - 04aee944780b987ec3572b6be1e21b18a41bc8210668151b9042f4ffacab3038b3c6029a2c730215cb1f145ade1ac88bff7a7400bf6d261b6d2d01637de346e2e6

This is a clear example of asymmetric cryptography because there is a pair of public-private key, and each public key has a corresponding private key and also each private key has a corresponding public key. The private key can be used to generate a public key, however, the public key cannot be used to generate a private key. Each time we randomize the private key, a new public key is generated.

Newly randomized private key - 234456257972461218393871752070025370277412040873841136242139412644475678

New public key generated from the newly randomized private key - 047a5d8dcd47933155dcc8ebfb36a09a066f226b67b3df4937fce6fcd365e1b086fe352184db85fcd81d84d7bc976c0a0af44acde840fb407c6c16af47db4d1e17

Functionality of the public key

In the asymmetric cryptographic encryption algorithm, the public key is used to encrypt the information or data by the sender. The public key can also be used as the address to receive transaction on the blockchain network.

Functionality of the public key

In the asymmetric cryptographic encryption algorithm, the corresponding private key is used by the receiver to decrypt the information or data that was encrypted using the public key. Also, the private key is used to sign transactions and proof ownership of a blockchain wallet. Private key is also used to generate public key.