š” TL, DR:
- Private keys cannot be shared, while public keys can.
- The public key uses the asymmetric encryption technique, while the private key operates based on symmetric encryption technology.
- Asymmetric encryption is slower in processing data than symmetric encryption, which means it takes more time for the public key to operate than a private key.
- Public key is used for encrypting crypto data and private key is the tool for decoding it.
For new crypto users, public and private keys are essential terms they should learn to proceed with transactions successfully. However, some people still get confused about how different private and public keys are?
Please scroll down this article to get a brief introduction to both keys and learn how apart they are from one another.
What is a private key?
As its name suggests, the private key is the secret value string used for decoding messages between collaborating parties. Normally, a private key goes along with a public key as a pair. While the public key carries unreadable data, a matching private key will decipher it.
Learn more about private key and its applications here.
What is public key?
If private keys mean āconfidential to only the user,ā then does public key refer to the fact that it is used for sharing with others for transactions?
Yes, it does!
In short, the public key is the tool to encrypt data into chains of codes, making it inaccessible to everybody except from authorized users. Only by getting the matching private key can one interpret the information protected by that public key.
Learn more about public key and its applications here.
Private key vs Public key: What are the differences?
Function
The public key keeps the data in an encrypted, unreadable-by-naked-eyes format. Meanwhile, the private key is the tool to decipher the chains of codes into information. In short, the public key turns crypto data into an unmodifiable format, and the private key unlocks it.
Cryptography technology used
The private key uses symmetric key cryptography, while the public key takes an asymmetric approach.
Proceeding speed
The private key usually operates faster than the public key. This difference can be explained based on the technology they use. Among the two methods, the asymmetric way that public keys use consumes much more time.
Mechanism
There is a big disadvantage for public keys: they cannot work separately. If the user loses the private key or has the unmatched key with the public one, then there is no way to decode the data. Meanwhile, private keys can be used to decrypt and encrypt information, which means having a private key only is enough to interpret data.
Shareability
Private keys should only be shared between two collaborating parties, while public keys are publicly accessible.
What to notice when using the public key and the private key
While acknowledging such differences between the public and private keys, it is also a must to emphasize the data security problem.
As you can see, the public key will transfer data into unreadable codes, and the corresponding private key will interpret it.
Therefore, if you misunderstand them and carelessly share the private key to the public instead of the public key, all your data can be read and stolen immediately.
Additionally, your digital wallets can be hacked, and all your other digital assets, including but not limited to data like coins, can be taken away too.
Besides, as the public key is publicly displayed to everyone, there is a high chance of your data getting hacked. Please be aware of this feature of public keys, then.
Conclusion
We have compared private and public keys in terms of mechanism, speed, shareability, functions, and cryptography technology. If you want more insights about data encryption and decryption process, check out our previous article on End-to-End Encryption to learn more.
