Cryptography 101: Understanding the Fundamentals of Cryptocurrency Security

Cryptography is the practice of securing information through the use of mathematical algorithms and codes. In the world of cryptocurrency, cryptography is used to secure transactions and protect user’s assets. In this article, we will explore the basics of cryptography and how it is used in the cryptocurrency space.

What is Cryptography?

Cryptography is the practice of secure communication. It is used to protect sensitive information, such as financial transactions and personal data, from unauthorized access. Cryptography involves the use of mathematical algorithms and codes to encrypt and decrypt data. Encryption is the process of converting plaintext (readable data) into ciphertext (unreadable data) to protect it from unauthorized access. Decryption is the process of converting ciphertext back into plaintext so that it can be read and understood.

Types of Cryptography

There are two main types of cryptography: symmetric and asymmetric.

Symmetric Cryptography: In symmetric cryptography, the same key is used for both encryption and decryption. This means that both the sender and the receiver of the message must have the same key to encrypt and decrypt the message.