Public Key

What are Public Keys?

Public keys are unique codes used in the blockchain and NFT world. They are part of a pair with private keys. Public keys can be shared openly and are used to receive transactions or access certain data.

What Do Public Keys Do?

Public keys serve multiple functions:

1. Receive Transactions: They are used to receive NFTs or cryptocurrencies.
2. Verify Identity: They help confirm that a transaction was signed by the rightful owner's private key.

Advantages of Public Keys

1. Security: They provide a secure way to conduct transactions without exposing your private key.
2. Anonymity: They allow users to maintain privacy as they don’t directly reveal the identity of the holder.
3. Easy Sharing: Public keys can be shared without risk, making transactions easy.

Disadvantages of Public Keys

1. Irreversible Transactions: If you send something to the wrong public key, it cannot be retrieved.
2. Privacy Concerns: If someone links your public key to your identity, they can track your transactions.

Where Does the Idea of Public Keys Come From?

The concept originates from cryptography. Public key cryptography, developed in the 1970s, is fundamental to secure digital communication.

Why is a Public Key Important?

In the NFT space, public keys are crucial for:

1. Ownership Verification: They help prove who owns an NFT.
2. Secure Transactions: They ensure that NFT trades and sales happen safely.

How to Apply Public Keys in Your Own NFT Project?

1. Receiving NFTs: Use your public key to receive NFTs from others.
2. Smart Contracts: Incorporate public keys into smart contracts for automated and secure NFT transfers.

Why You Should Use Public Keys?

1. Enhanced Security: Protects your assets from unauthorized access.
2. Trust and Transparency: Builds trust in the NFT community by providing a reliable way to conduct transactions.