What is a public key in blockchain?

A public key in blockchain is a cryptographic key that is used to encrypt data and verify digital signatures. It is a unique identifier that is used to receive cryptocurrency transactions and to verify the authenticity of the sender. Public keys are derived from private keys, which are used to sign transactions and prove ownership of cryptocurrency assets. Public keys are widely shared and can be used by anyone to verify the authenticity of transactions on the blockchain.

A public key in blockchain is a unique code that allows users to send and receive cryptocurrencies and other digital assets on the platform. It is essentially a mathematical value that is generated using a cryptographic algorithm, such as the Elliptic Curve Digital Signature Algorithm (ECDSA). The public key is typically combined with a private key, which is used to sign transactions and prove ownership of the assets.

The public key is designed to be shared with others, as it is necessary for them to send cryptocurrency or other digital assets to the address associated with it. The private key, on the other hand, should be kept secret and never shared, as it allows the owner of the key to access and spend the assets associated with the public key.

When a transaction is made on a blockchain, the sender's software uses the recipient's public key to encrypt the transaction details, including the amount of cryptocurrency or digital asset being sent and the destination address. The sender's software then uses the sender's private key to sign the transaction, creating a digital signature that proves their ownership of the assets.

The transaction is then broadcast to the blockchain network, where it is validated by nodes on the network. If the transaction is valid, it is added to the blockchain and the assets are transferred to the recipient's address.