So, first, let us try to understand the root and raw meaning of #cryptography i.e #cryptography in a broad sense then we will restrict it to #bitcoin version!
Cryptography is the practice of securing communication from adversaries. It involves techniques and methods for encrypting and decrypting messages to protect their confidentiality, integrity, and authenticity.
The origins of cryptography can be traced back to ancient civilizations, where early forms of encryption were used to protect secrets and communicate sensitive information. The ancient Egyptians, for example, used hieroglyphs to encode their messages, while the Greeks used a method called the scytale to encrypt messages sent by their military commanders.
One of the most famous examples of cryptography is the Caesar cipher, which was used by Julius Caesar to protect his military communications. This technique involves shifting each letter in the message a certain number of places down the alphabet. For example, a shift of three would turn the letter A into D, B into E, and so on.
Cryptography has been used throughout history for various purposes, including military, diplomatic, and commercial communication.
Now let us come back to #bitcoin and #blockChain
Bitcoin uses a cryptographic technology called public-key cryptography, specifically the Elliptic Curve Digital Signature Algorithm (ECDSA), to secure transactions and prevent unauthorized access to the network.
Public-key cryptography involves the use of two keys - a public key and a private key - to encrypt and decrypt messages. In the case of Bitcoin, each user has a pair of public and private keys. The public key is used to receive Bitcoin transactions, while the private key is used to sign and authorize transactions.
When a user wants to send Bitcoin to another user, they create a transaction and sign it with their private key. The transaction is then broadcast to the network, where it is verified by other nodes using the sender's public key. If the transaction is valid, it is added to the blockchain.
The use of public-key cryptography and the blockchain allows for a decentralized and trustless system, where transactions can be securely and transparently recorded without the need for intermediaries such as banks or other financial institutions. This has made Bitcoin popular for peer-to-peer transactions and as a store of value.
The whole transaction mechanism involved in bitcoin uses a consensus algorithm and mining is also a related topic that we will cover in our next post.
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