Private Key

What is a private key?

Private Key Definition: A private key, also called a secret key, refers to a variable in cryptography used to secure data in a blockchain using an algorithm. These are secretly kept keys, which are only shared with the parties involved with designing the algorithms, and the parties or individuals authorized to access the system.

A private key is also referenced as a secret number of code, which acts like a password that signs or authorizes transactions on a blockchain between cryptocurrencies. These keys are randomly generated with hundreds of digits, often as strings of alphanumerical digits.

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