Written by Emaad

On April 17, 2020

What is cryptography?

What is cryptography?

Cryptography is the study of secure communications. The etymology, or word origin, reveals much of the meaning behind the word. “Crypto”- is the Latin prefix for hidden or secure, while “graphy” means writing. 

In computer science, cryptography specifically refers to secure information and communication techniques that rely on mathematically-defined rules called algorithms. These algorithms are deterministic in nature, which means that for a given input, only one valid output exists. Since deterministic algorithms are used to produce public/private key pairs, we can be assured that a private key will only “unlock” the wallet it is associated with, and will not work for others.

What is encryption?

Encryption is the process of securing messages or information using cryptographic techniques. Decryption is the process of “unlocking” or deciphering the message encoded within the encrypted hash using private keys.

Other Blockchain Lessons:

The history of money

The history of money

What is money? Money is a technology that has been as essential to the development of civilization as the wheel itself. Money is any good that is widely accepted as a medium of exchange during the transaction of goods and services. It facilitates commerce by serving...

What is a blockchain?

What is a blockchain?

What is a blockchain? Distributed ledger technologies are based on a concept known as blockchain. The term “blockchain” refers to the basic structure that is a chain of blocks. The “block” in a blockchain is where transaction records or various pieces of information...

What is a smart contract?

What is a smart contract?

What is a smart contract? Smart contracts are computer programs that run on the blockchain. They are digital agreements encoded or written, with specific sets of rules that govern how and when the contracts will be signed, much like traditional contracts that are...

What are nodes?

What are nodes?

What is a node? A node is essentially a computer on the blockchain that runs network software to recognize and broadcast valid transactions. Nodes communicate which each other and reach consensus, or a common agreement, as to which transactions are legitimate. When we...

What is a consensus mechanism?

What is a consensus mechanism?

What is a consensus mechanism? Consensus refers to the act of coming to an agreement among individuals or groups. A consensus mechanism is the method by which decentralized networks agree on which transactions are valid before being confirmed as legitimate across the...

What is Proof of Work (PoW)?

What is Proof of Work (PoW)?

Proof-of-Work is the original consensus mechanism that is utilized by the Bitcoin blockchain. Bitcoin’s decentralization refers to the global network of nodes and miners that is responsible for broadcasting and confirming valid transactions; they are not controlled by...