How Ethereum checks transactions with only the Bitcoin address
Asymmetrical cryptosystems, such as those used in Bitcoin, count on mathematical algorithms to check transactions and ensure the second online transaction. One of the main characteristics that distinguishes asymmetrical systems from others is the use of a public key instead of a private key to sign messages.
In this article, we will explore how the Ethereum intelligent contract platform using a combination of techniques to check the transactions without red on the public key. More specifically, we will examine the role of Bitcoin addresses in the process of verifying Ethereum transactions.
Asymmetrical cryptosystems 101
When you generate an asymmetrical pair made up of a private key and a corresponding public key, the two are kept secret by the individual user. The private key is used to sign digital signatures, while the public key serves as a “digital imprint” or a unique identifier for this private key.
The safety benefits of this approach include:
- Protection of private keys : Private keys cannot be shared publicly, which helps prevent unauthorized access to sensitive financial information.
- Verification of the digital signature : The public key can be used to check the authenticity and integrity of digital signatures, ensuring that they were generated by the planned owner.
Ethereum intelligent contract platform
When creating smart contracts on Ethereum, developers rely on a complex system involving several cryptographic techniques. However, at the base, Ethereum uses Bitcoin addresses as an alternative to the private key to verification of transactions.
Here are some key points on how Ethereum checks the transactions using only the Bitcoin address:
- Bitcoin address : an Ethereum user generates a unique bitcoin address, which is used as “signature” for their transactions.
- Hash transaction
: When a transaction is disseminated on the network, its history is stored in a database called blockchain. The hash transaction is calculated and this value serves as a single identifier for this specification transaction.
- Verification of the signature : Each Bitcoin address has a public key to correspond to him. In Ethereum, the transaction sender uses his private key (a secret) to create a digital signature using the Bitcoin address as “digital imprint”. This process is called “signature verification”.
- Verification of transactions : When a transaction is verified, the following steps occur:
* The blockchain database stores the hashness of the transaction.
* Each part involved (for example, minors, validators and users) calculates its signature using the public key associated with the Bitcoin address.
* The resulting signatures are compared to the expected signatures generated by each node of the network. If the signatures correspond, the transaction is considered to be verified.
Key advantages
The use of bitcoin addresses for transactions verification offers several advantages:
- Risted private key risk : Since private keys remain secret, users do not have to worry about sharing sensitive information.
- Increased safety : The use of public keys and digital signatures helps prevent unauthorized access to financial transactions.
- Improvement of transparency : Blockchain’s databases store all of the transactions history for each Bitcoin address, providing a clear recording of all activities.
In conclusion, the Ethereum intelligent contract platform is based on Bitcoin addresses as an alternative to private keys for verification of transactions. By taking advantage of this approach, developers can build secure and decentralized systems that protect user data and guarantee transactions without confidence without relying on traditional asymmetrical asymmetrical cryptography methods.
