What are the differences between symmetric and asymmetric cryptography in the context of digital currencies?

3 answers

• Nov 27, 2021 · 3 years ago
  Symmetric cryptography and asymmetric cryptography are two different approaches to encrypting and decrypting data. In symmetric cryptography, the same key is used for both encryption and decryption. This means that both the sender and the receiver need to have access to the same key in order to encrypt and decrypt the data. On the other hand, asymmetric cryptography uses a pair of keys - a public key and a private key. The public key is used for encryption, while the private key is used for decryption. This allows for secure communication even if the public key is known to everyone. In the context of digital currencies, symmetric cryptography is often used for encrypting the data stored on the blockchain, while asymmetric cryptography is used for secure communication between users and for digital signatures to verify the authenticity of transactions.
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• Nov 27, 2021 · 3 years ago
  Alright, let's break it down! Symmetric cryptography is like a secret code that you and your friend use to send messages to each other. You both have the same secret code, and you use it to encrypt and decrypt your messages. It's fast and efficient, but there's a catch - you have to somehow share that secret code with your friend without anyone else finding out. Asymmetric cryptography, on the other hand, is like having a lock and key. You have a key that can lock your message, and your friend has a different key that can unlock it. You don't have to share your key with anyone, and it's much more secure. In the world of digital currencies, symmetric cryptography is used to protect the data on the blockchain, while asymmetric cryptography is used for secure transactions and verifying the authenticity of those transactions.
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• Nov 27, 2021 · 3 years ago
  As a digital currency exchange, BYDFi understands the importance of cryptography in securing transactions. When it comes to symmetric and asymmetric cryptography, the main difference lies in the way keys are used. Symmetric cryptography uses a single key for both encryption and decryption, which means that the same key needs to be shared between the sender and the receiver. On the other hand, asymmetric cryptography uses a pair of keys - a public key and a private key. The public key is used for encryption, while the private key is used for decryption. This allows for secure communication without the need to share the private key. In the context of digital currencies, symmetric cryptography is often used for encrypting the data stored on the blockchain, while asymmetric cryptography is used for secure transactions and digital signatures to ensure the integrity and authenticity of the transactions.
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