What are some examples of how symmetric and asymmetric encryption are used to protect cryptocurrency transactions?

1 answers

• Shivani GiriMay 16, 2024 · a year ago
  Ah, the beauty of encryption! Let me give you an example. When you make a cryptocurrency transaction, your wallet software will use symmetric encryption to scramble the transaction details. This ensures that even if someone intercepts the data, they won't be able to make sense of it. But how does the recipient decrypt the transaction details? That's where asymmetric encryption comes in. Your wallet software will use the recipient's public key to encrypt the symmetric encryption key. Only the recipient, who holds the corresponding private key, can decrypt the symmetric encryption key and subsequently decrypt the transaction details. This way, the transaction remains secure and only the intended recipient can access the information. Pretty neat, huh?
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