What the Private Key do on Blockchain

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The Private Key on Blockchain

The Private Key on Blockchain, also known as a secret key, is a tiny bit of code. It is a randomly generated number which is similar to a password. This key is only available to the holder. It has the possibility of getting lost. Should the key be lost, then it is no longer valid.

With your Private Key no one will be able to access or decrypt your information. With your private key no one can encrypt and with your Public Key, anyone can decrypt your information. The public key is for access for anyone. When keeping the private key safe and secure by printing it out or save it on a USB your account or wallet is safe.

This key is a form of computerized cryptography using a singular encryption key (Symmetric encryption) to do transactions on the blocchain. The symmetric key cryptography is any cryptographic algorithm that is based on a shared key used to encrypt or decrypt text. The symmetric encryption is more efficient when large amounts of data need to be exchanged.

To wrap up: you get two main keys, the private key, and the public key. The private key you encrypt - convert information or data into a code to prevent unauthorized access. With your public key, you decrypt - make the code understandable.