CryptoURANUS Economics: Public-Key


Thursday, May 6, 2021


Defined CryptoCurrency

The Public-Key: Defined CryptoCurrency as a Public-Key used as the basis for the user address.

Each Public-Key corresponds to a specific Private Key.

hich can be used to spend the funds associated to the corresponding Public-Key or address. A Public-Key can be calculated from a Private-Key, but it is not possible to calculate a Private-Key from a Public-Key.

The Trezor Wallet does not show raw Public-Keys to users, as addresses are used to send and receive transactions.

It is possible to view Account Public-Keys (XPUBs). These must never be shared with anyone but yourself as this often-time results in all transaction information being exposed and potential theft of funds.

An Account Public-Keys (XPUBs) is a cryptographic code allowing user(s) to receive cryptocurrencies into that person's account.

The Public-Key coupled with the private key are tools required ensuring cryptographic security of  this crypto economics.

XPUB is a master Public-Key used to generate all addresses for an account in a hierarchical deterministic wallet (both already used and unused). As the XPUB key is a Public-Key, it does not allow people to spend funds, but it does make it possible to listen in on all the transactions and balances connected to it.

XPUB and Trezor

As Trezor is an HD wallet, it uses XPUB to generate all the public addresses for a given wallet. To learn how to display account private keys in Trezor Wallet, see Displaying account public key (XPUB).

The XPUB can be used to generate a watch-only wallet in certain third-party wallets and services. For more information.

Public-Key -vs- Public-Key Hash

Hashing is using a hash function on data in order to produce a hash output. Examples of popular hash functions are SHA-256, MD5, RIPEMD-160. Address is an Public-Key hash of Public-Key and the main reason that these are used is probably that they are shorter and more convenient to use.
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Public-Key is defined as a string of letters and numbers that allows cryptocurrency to be received.

Though it’s called a “Public-Key”, it isn’t publicly visible until you’ve shared it or sent money out. And while it can be used to receive money, it isn’t the safe to use.

A safer and more secure way to receive money is to use your public address.

Compare this with a private key which is known only by you and is used to spend your cryptocurrency.

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