A cryptocurrency public key is a string of characters that is used to identify a specific wallet on a blockchain. It is a unique and long alphanumeric code that is derived mathematically from a private key, and it’s used to receive cryptocurrency. It’s similar to a bank account number in the sense that it’s a destination where funds can be sent.
A public key is generated using complex mathematical algorithms and is typically represented as a long string of characters, such as a hexadecimal or Base58 string. It can be shared publicly and is used to receive cryptocurrency on the blockchain.
The public key is created by applying a one-way mathematical function to the private key, which is a secret code used to manage the funds in a wallet. Because the public key is derived from the private key, it can be used to create a unique address on the blockchain where funds can be sent.
It’s important to note that while a public key can be shared, the private key should be kept secret and protected. Anyone who has access to the private key has control over the funds associated with the corresponding public key, so it’s important to keep it safe.
A common use of the public key is in the creation of a digital signature, which is used to prove the authenticity of a transaction, and it’s a key element in the encryption process of many cryptocurrencies.
