How does ECDSA encryption work in the context of digital currencies?

Can you explain how ECDSA encryption works in the context of digital currencies? I'm curious about the technical details and how it ensures the security of transactions.

1 answers
- ECDSA encryption is a cryptographic algorithm used in digital currencies to secure transactions. It works by generating a public-private key pair using elliptic curve mathematics. The private key is kept secret by the user, while the public key is shared with others. When a transaction is made, the sender uses their private key to create a digital signature, which is then verified by the recipient using the sender's public key. This ensures that the transaction is legitimate and has not been tampered with. ECDSA encryption is a fundamental component of digital currencies' security mechanisms.
Mar 19, 2022 · 3 years ago
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