What is Cryptograph (Blockchain)
Please read the article down below first so you can get a proper context for the current article.
I promise it won’t take long.
Definition
- In the context of cryptocurrency, cryptograph refer toward the use of cryptography in securing any type of transaction and protecting user data in any blockchain network.
- The most essential part that we need to understand in cryptograph is the cryptography itself. Confuse already? Let me explain what cryptography is to make you more confuse.
- Cryptography is a way study of secure communication in the presence of third party. Generally, it’s about making a protocol that prevent any third party from reading and modifying any private data. So based on this, it’s safe to say that cryptography basically prevent third party to access your private data.
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Now let’s get back to my article.
Cryptography Usage in Cryptocurrency
For a proper context, cryptography mechanism is used in all of the things that was listed below.
Public-Key Cryptography
- This thing is also known as asymmetric cryptography and it was used to create a digital wallet and to confirm a transaction authenticity.
- There are 2 different type key that was used in it which is private key and public key.
- Public key can be shared with anyone but private key cannot be shared with anyone and specifically only for you. (More on this in What is Public and Private Key article)
Hashing Algorithms
- Hashing algorithms is used to create a hash for a piece of data. Hash is a cryptic alphabet and number which is a unique identifier of data for any transaction that was done in blockchain network.
- The nature of hash are irreversible and unique for only one data. No data in blockchain will ever have the same hash.
- If you change a data information, the hash will also change which made this type of activities are easily detectable in blockchain network.
- Cryptography play a part in here as a collision resistance, preimage resistance, second preimage resistance and more.(I will write more articles about this stuff in the future)
Digital Signature
- This thing is used to authenticate the sender of a transaction and ensure that transaction was not changed.
- For example, when you’re sending Bitcoin to other person, you will sign the transaction by having your private key as your signature on the transaction.
- Think of it as the signature that you will sign on a bank check when you want to pay for something using check.
- Cryptography will help you here by allowing you to sign the transaction with the private key but doesn’t reveal it to another person.
- As you might guess it already, this is the similar mechanism inside the public-key cryptography.
Thanks for reading and as always keep learning about crypto everyday.
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(DISCLOSURE: This article contain affiliates and referral link for a certain cryptocurrency product or exchanges. This article also is not a financial advice and only for educational purpose.)
