Cryptocurrency Q&A
What type of public key is used in Bitcoin?
What type of public key is used in Bitcoin?
KpopHarmonySoul
Sat Jul 06 2024
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5 answers
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Could you elaborate on the specific type of public key utilized in the Bitcoin network? I'm curious about the cryptographic underpinnings that enable secure transactions on this decentralized ledger. Understanding the technical details behind the public key system in Bitcoin is crucial for appreciating its security and scalability. Could you explain the cryptographic algorithm, key generation process, and how the public key is incorporated into Bitcoin addresses to ensure the authenticity and integrity of transactions? Additionally, how does this public key system contribute to the overall security of the Bitcoin network?
5 answers
noah_stokes_photographer
Mon Jul 08 2024
In the realm of Bitcoin and cryptocurrency, the concept of compressed public keys holds significant importance.
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WhisperWindLight
Mon Jul 08 2024
Instead of storing the entire public key, which consists of both x and y coordinates, a more efficient approach is adopted.
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Nicola
Sun Jul 07 2024
We can simply store the 32-byte (256-bit) x-value, along with a 1-byte prefix. This prefix serves as an indicator, signifying whether the corresponding y-coordinate is even or odd.
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Elena
Sun Jul 07 2024
The result of this compression method is referred to as a compressed public key.
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CryptoQueenBee
Sun Jul 07 2024
This type of compressed public key is not only space-efficient but also widely adopted. It's the most common form of public key encountered and utilized within the Bitcoin network.
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