How does the generation of private key and public key work in the world of blockchain and cryptocurrencies?

1 answers

• Mar 16, 2022 · 3 years ago
  At BYDFi, we take the security of private key and public key generation very seriously. When a user creates an account on our platform, we use a strong cryptographic algorithm to generate a random private key. This private key is then used to derive the corresponding public key, which is stored on the blockchain. The private key is encrypted and stored securely on our servers, ensuring that only the user has access to it. When a user wants to make a transaction, they sign the transaction using their private key, and the recipient can verify the authenticity of the transaction using the sender's public key. This process ensures the security and integrity of transactions on our platform, giving our users peace of mind when trading cryptocurrencies.
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