Cryptology & Cryptocurrency
What is Cryptology?
The definition of Cryptology is the practice and study of techniques for secure communication. It’s about constructing and analyzing protocols that prevent the public from reading private messages.You might be wondering what Cryptology actually has to do with Cryptocurrency. We will explain below.
Crypto in Cryptology/Cryptography
In the case of Cryptocurrency the Crypto means it’s anonymous and secured side. Cryptography is used here for securing various transactions, controlling new generation of currency units and verification of a transfer.
Here are 3 rules for real money :
– The currency has to be verifiable, it has to be counterfeit proof and it should be secure from any denial from commitment.
Cryptocurrency is used as a currency now because cryptography is used here and it makes sure that the transactions are signed through encryption keys and other cryptography methods. These methods are mathematical codes to store and transmit data in a secured format. In short, cryptography is used to make sure that any crypto coin can actually be used. Without it, it would not be anonymous, secure and safe to use. Examples of cryptography methods used :
– Symmetric Encryption Method
Symmetric Method uses the same secret key to encrypt, transmit and decrypt.
For example you could give every letter a number, we will show below :
A = 00, B = 01, C = 02, and so on
HELLO WORLD : 0704111114 2314181104
This encrypted message would then be send over a network to the receiver. There it will be decrypted using the same method. This way if the message would be send to the wrong receiver. There would not be a way to decrypt the message and it’s still safe.
– Asymmetric Encryption Method
The Asymmetric Method uses two keys. One public, one private. These keys are used to encrypt and decrypt a message. The public key could be a wallet adress of the receiver. The private key is only known to the owner like the receiver.