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

1 answers

• Mar 18, 2022 · 3 years ago
  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.
  599300