Some people may only know what crypto assets are. But do you know about the technology that underlies crypto assets? Let’s get acquainted with cryptographic technology!
Crypto assets use cryptographic technology as the basis for crypto assets to secure transactions and guarantee the privacy of their users.
Cryptography is the science of securing information by changing readable data into an unreadable form.
Confidential information such as passwords, credit cards, and personal data can be protected with this.
Cryptography is needed in various fields, such as communication, network security, and crypto assets.
1. Symmetric Cryptography
Symmetric cryptography uses the same key to encrypt and decrypt information.
This type is fast and efficient. However, this key must be shared with trusted parties to read the information.
2. Asymmetric Cryptography
This type of cryptography, also known as public key cryptography, uses different key pairs to encrypt and decrypt information.
The public key is used to encrypt information, and the private key is used to decrypt the data. This type of cryptography is safer because the private key does not need to be shared with other parties.
The cryptographic algorithm was developed in 1977 and is still used today!
There are also other algorithms, such as AES, which is used in symmetric cryptography, and elliptic curve cryptography (ECC), which is used in asymmetric cryptography.
Blockchain itself also uses cryptography, you know! To secure transactions and store information in an immutable form.
Not only that but cryptography is also used in smart contracts to ensure that only a few people can access and execute the contract.
The use of cryptography is also important in network security, you know!
Security protocols such as HTTP and SSL use cryptography to protect information from theft of data sent over the network.
Cryptography is also used in authentication systems such as passwords and 2-factor authentication tokens to ensure that only the right people can access the system or account.
Overall, cryptography has an important role in maintaining the security and privacy of information in various fields.
But, you need to know, security using cryptography does not guarantee 100% because there will always be the possibility of being penetrated by irresponsible hackers or due to outdated cryptographic technology.
Therefore, it is important to always be up-to-date in cryptographic technology and continually update your security system.
So, that was a further discussion about cryptographic technology. Keep up with Indodax Academy for exciting information about crypto assets!