Asymmetric encryption has transformed cryptography and computing power. This form of encryption uses a complicated algorithm to lock and unlock data, the RSA algorithm in particular.
Some of the very ordinary and some of the greatest technologies depend on asymmetric encryption. These include emails, websites, digital signatures and the creation of cryptocurrencies.
The lock is applied so that the access can only be obtained by those verified to use. The key can be of two kinds. One is that of an owner, this is a private key and gives the owner the access to the contents he or she owns. While the other is a public key, this key allows viewers to watch but they can not really command any actions.
This is synonymous to a private concert where spectators are allowed to watch but from outside of a glass wall. Whatever the performers are told to do, they may do it under the directive of the private guests. While the public may only clap, admire or steer the performance in a direction through excessive commenting and critiquing.
The RSA algorithm is the underlying cryptographic technology of the Bitcoin Wallet and several cryptocurrencies. This algorithm allows users to be given consistently update, transparent data of the entire system.
This is done by a pair of keys. The users are given a pair of keys. The private key allows the user to look into their own wallet, use their own wallet to make transactions, exchange coins, add or subtract coins in whatever quantities the owners/users may like. However, when this owner (call him Bob), opens the wallet or ledger of another user, he will have to use a public key to unlock the data. With the public key, he will not have the same authority to move or use those funds; As they are not his funds to use.
Dylan may see the history or current amounts of the other user but the visibility does not mean ownership. This ownership is established by the private key. Dylan can only use his own private key for his own wallet. The rest is for looking purposes only, with the separate key.
Similarly, if Kenna were to open Dylan’s ledger, she must use a public key; her public key. Her private key would not unlock, neither does she have access to Dylan’s private key.
These keys mark a clear difference between the user’s rights and access. These keys also help every user to see the same thing, maintain consistency of data and ensure that in a case of tampering others may retaliate or highlight the discrepancies.
This technology allows the users to enjoy a decentralized, unregulated and unhegemonised network run on democratic principles. The network is made safe because all activity is tracked by all users. The ledgers are kept public and the support technology coefficients allow the shady activity to be marked.
Both of the keys keep record about all moves on the network, this eliminates the room for doubt or unfair market price inflation or deflation. This system is a self-regulating network. The synced ledgers and a strong peer to peer network help make it a ‘pure’ market system.