Private Key vs Public Key: Key Differences You Must Know

In the field of encryption and decryption, the terms “public key” and “private key” are often used. Are you aware of them? Whether you are or you aren’t, after reading this comprehensive guide, we’re sure you’ll definitely get clear about both these keys. 

Every time you log in, transfer money, or sign a digital document, there is always a hidden escort typically protecting your data. Did you know what it really is? So, it’s all possible with cryptographic keys. 

Among them, the private key and public key play the leading roles. While talking about them, they might seem like twins, but in reality, they work very differently. While one keeps your secrets safe, the other proves your identity to the world. 

Let’s understand how they differ and why both are necessary in today’s digital era. 

What is a Private Key?

A private key is a secret cryptographic key that gives you full control over your digital wallet or secure account. It is used to sign transactions and prove ownership, and unlike symmetric keys, it is never shared with anyone. In simple words, the same encryption key is copied or shared between two parties, typically to decode the encrypted text.

However, while you use it to decrypt messages or create digital signatures, you’re sharing mathematical evidence of your individuality that cannot be generated without access to the specific key. 

Curious what the benefits could be from it?

So, with the help of this, you are getting benefits like:

• Speed: Compared to public keys, private key operations are faster, and this is possible due to the math involved. When you need to decrypt something, you’ll quickly be able to sign in without waiting for too long. 
• Less Computational Power: Without breaking a sweat, your phone, laptop, or even a basic server can manage your private key functions. This virtually makes private key encryption suitable for everything from mobile apps to IoT devices. 
• Flexibility: Private keys are typically multitaskers. These keys can easily decrypt messages, build digital signatures, and establish your identity across different servers. 

However, other than advantages, there are disadvantages too. Which include: 

• One of the major setbacks of private keys is that if somehow your key gets compromised, then it can lead to the complete loss of your data or unauthorized access. That’s why securing your wallet from hacks becomes crucial.
• It is not likely to secure your communication between multiple parties. 
• It doesn’t offer a safe way to swap your keys between multiple parties. 

What is a Public Key?

A public key is also a cryptographic key that is like your digital address, which you can safely share with anyone. This key is usually used to send your money, messages, or data securely. Unlike the private key, the public key is meant to be shared openly, and it works together with your private key. 

You can think of it like your email address. People can send you messages, but only you can open and read them. 

Wondering what the benefit could be from it?

• Secure Communication: By eliminating the need for a pre-shared secret key between parties, anyone can use your public key to encrypt a message, but only you can decrypt it with your private key.
• Confidentiality: When a message is encrypted with your public key, only you can decrypt and read it using your private key. Even if that message gets blocked, stolen, or posted on social media, it will still be useless without your private key. To make this confidentiality practically possible in real-world applications, businesses often rely on cryptocurrency wallet development solutions.
• Scalability: Public key systems are highly scalable. With just a pair of keys, every user is able to securely communicate with countless others, all while avoiding the complexity of managing a large number of keys. 

Other than the advantages, here are some disadvantages of public keys:

• Due to their complicated algorithms, slower processing, and increased resource demands, public keys are computationally intensive. 
• During transmission, a hacker would easily be able to intercept, and this allows them to read or use the communication. 
• If somehow the attacker gets the private key, then they will be capable of decoding all the messages that are planned for the owner of that key pair.  

One of the major techniques that enhances this process is end-to-end encryption in crypto wallets.

Major Difference Between Private Key and Public Key

After knowing meaningful information about both keys. It’s time to unlock their key difference: 

Private Key	Public Key
The private key is typically shared between the sender and the recipient and is used for both data encryption and decryption.	A public key is used only for encrypting data, while a shared private key is required for decryption.
It is faster.	It is comparatively slower.
Due to single key sharing, its process is symmetric.	It is generally asymmetric because of the two different key requirements for encryption and decryption.
It is completely safe from users, and only the sender and receiver have access to it.	It is freely accessible and usable by the public.
A private key ought to be shared between the sender and receiver.	The public key is accessible for everyone, but the private key is needed for decryption.

How Do a Private and Public Key Work?

Both the private key and the public key are the essential components of cryptographic systems. In asymmetric cryptography, public keys are publicly shared and can be used by anyone. Meanwhile, in symmetric cryptography, private keys are kept secret and widely used for encrypting and decrypting data. 

However, let’s understand how both of these pairs work: 

1. Generate Key: Firstly, the user generates a unique public or private key pair. 
2. Public Key Distribution: This key is transmitted openly to anyone who wants to send the users a secure message. 
3. Encryption: When someone is likely to share a personal message, they use the recipient’s public key to encrypt the data.
4. Transmission: The encrypted message will be mailed to the recipient. 
5. Decryption: The recipient uses their own private key to decrypt the ciphertext and read the actual message.  

To strengthen this process, modern wallets often use mnemonic phrases as a backup and recovery method for private keys.

Conclusion

To conclude, private keys are typically faster and effective, and the only disadvantage is key distribution and scalability. While the public key showcases how simple key management is. 

In addition to this, if you’re looking forward to building a safe and secure crypto wallet that utilizes these technologies, then Technoloader is here to provide you with the best solutions.