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What is the role of symmetric encryption vs asymmetric encryption in securing digital currencies?

Jeremy GloffFeb 08, 2021 · 4 years ago1 answers

In the context of securing digital currencies, what are the specific roles and differences between symmetric encryption and asymmetric encryption?

1 answers

  • Brian RaberJan 25, 2024 · a year ago
    At BYDFi, we understand the importance of encryption in securing digital currencies. Symmetric encryption and asymmetric encryption play complementary roles in protecting the confidentiality and integrity of transactions. Symmetric encryption is used to encrypt sensitive data at rest, such as private keys stored in wallets. Asymmetric encryption, on the other hand, is used for secure communication between parties, ensuring that transactions are signed by the correct sender and verified by the intended recipient. By leveraging the strengths of both encryption methods, we can create a robust and secure environment for digital currency transactions.

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