📝 Definition:
A public key is a code that allows you to receive cryptocurrency.
It’s like your email address, but for crypto.
You can share it with others so they can send you crypto, NFTs, etc.
🔑 Key Features:
- Receive Crypto: The public key is your address to receive cryptocurrency transactions.
- Shareable: It is safe to share with others.
- Paired with Private Key: Works together with your private key to keep your cryptocurrency secure.
- Unique Address: Each public key is unique to its wallet.
⚙️ How It Works:
- Generate Key Pair: When you create a crypto wallet, it generates a pair of keys: a public key and a private key.
- Share Public Key: Share your public key with anyone who wants to send you crypto.
- Receive Funds: Others use your public key to send you cryptocurrency.
- Verify Transactions: The public key helps verify that transactions are sent to the correct address.
💡 Applications:
- Receiving Payments: Use your public key to receive crypto payments from others.
- Address Generation: You can create different public keys for different transactions to increase privacy.
- Smart Contracts: Public keys are used in smart contracts for different blockchain applications (DeFi, DEXs, ICOs...).
🔍 Example:
Imagine your public key is like your home address.
You can share your address with others so they can send you mail.
In the crypto world, you share your public key so others can send you cryptocurrency.