What is a public / private key?

Posted on April 10, 2020 in Articles, Digital Assets 101
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When you first start trading digital assets, you may hear the terms public and private keys. These are codes you use to access your account. The keys are digital assets graphically hidden, which means they undergo encryption to make them secret. For the code to be reread, it requires decryption.

Public Keys

A public key is created in public key encryption digital assets graphy that uses asymmetric-key encryption algorithms. Public keys are used to convert a message into an unreadable format. Decryption is carried out using a different, but matching, private key. Public and private keys are paired to enable secure communication.

Private Keys

A private key is a tiny bit of code that is paired with a public key to set off algorithms for text encryption and decryption. It is created as part of public key digital assets graphy during asymmetric-key encryption and used to decrypt and transform a message to a readable format. Public and private keys are paired for secure communication, such as email. A private key is also known as a secret key.

Remembering public and private keys is always a hassle for any individual. However, if you have an account with Zipmex, you will not have to worry about forgetting your public key or losing your private key.

Public keys are fixed on the Zipmex wallet, so users can just login to their Zipmex accounts and go over to the wallet page to check out their public keys. Users do not need to unlock their wallet using a private key on Zipmex. Once you have logged in to your account, you’ll be able to access to your wallet which reduce the risk of losing or misremembering private keys.

Zipmex’s wallet is secured by BitGo, which is essentially the ‘gold standard’ of the digital assets storage. BitGo  provides institutional-grade security, high compliance, and liquidity for your digital currencyβ€”$100 (USD) million theft insurance too.