Public Key - what is it?

Public Key is an additional cryptographic code that system users use to confirm the crediting of money to their account. In simple words, a Public Key is a wallet address that is used to transfer to an opponent in a transaction to receive funds.

Any cryptocurrency system operates on conditions of anonymity and decentralization. All community members carry out regulation. Therefore, fair and transparent rules and algorithms for making transactions must exist. They have been created, successfully implemented, and used in practice for over 10 years.

The basic principle of creating a transaction in the cryptocurrency system is that the user must complete the payment and confirm it with a unique code (key). The private key provides access to the cryptocurrency wallet and provides the ability to use the money stored in it.

The public key is a very long numeric string. Therefore, for ease of use, it is compressed to the optimal format the user sees during generation.

A public key is always generated only if a private key is available. If the user has a private key, it can also be restored if necessary. However, having a public key does not give access to the crypto wallet; the process does not work in the opposite direction.