Everyone nowadays is aware of cryptocurrencies in one way or another, but are you aware of the technique behind it?
This technique is known as Cryptography. It is made of two words: “crypt” meaning hidden and “graphy” meaning writing. It is a study of sending and receiving encrypted and secure data between two or more parties. Cryptography is used in cryptocurrencies to make the transactions secure, anonymous and “trustless”, meaning no need to identify the person in order to have a transaction with them. And this technique is not only limited to cryptocurrencies, but whenever it comes to encrypting and decrypting data over a computer network, cryptography is used
Although cryptography has been in the spotlight only recently due to its use in cryptocurrency, this concept has been around for a long time. It originated around 2000 B.C under the Egyptian practice of hieroglyphics. At that time, it consisted of very complex pictograms that were really difficult to decipher.
The first known use of this technique was made by Julian Caesar who did not trust his messengers to communicate with the higher authorities. So he invented a system in which each character was replaced by a character three steps ahead in the Roman alphabet. Recently, the technique has been known to be used by computer scientists and mathematicians for securing data.
Cryptography uses mathematical concepts and sum rule based calculations to secure the information over a network. These rules are called algorithms and they are used to convert the messages in a way that it is hard to decode them. The algorithms are now further used for digital signing, cryptographic key generation, web browsing, verification for data privacy and to secure private transactions such as debit or credit card transactions.
Cryptocurrency would not have been possible without cryptography. It is the essence of digital money but not limited to it. It covers all the areas that include encryption or decryption of data on any kind of network. Cryptography offers security, integrity and confidentiality to your information, without it, no private data could be transferred online let alone any type of transactions.
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