Public key

From Minter Wiki

Public Key is the blockchain address to which tokens or coins are sent.

Anonymity

Public key is one in pair of the linked keys. A linked key pair is a Public and a Private key.

Public key can be known to all users of the network without the need to identify the person. It can be compared to someone’s ID in a messenger, social network, or debit card number. The main difference is that a public key allows any user to see all the information about the balance and transactions ever made from this address in the blockchain while one’s personal information (phone/mail/KYC/IP) is not associated with this address.

Several services, such as Minterscan, allow you to perform a verification process, i.e. link the Public Key to personal information and make information about yourself or your project available to anyone.

The reason for this is the desire to increase the level of project and media personality trust as well as the identification of the buyer, seller or coin maker.

Most members of the Minter development team have identified "open" wallets.

For example Daniil Lashin wallet

Daniil Lashin 1.png


Safety

The encryption methods used in Minter network allow you to share a public key without fear of losing funds or anonymity.

Hash and electronic signature methods create a keyring of public key and private key or seed phrase.

In most cryptocurrencies the public key is the result of multiplying the elliptical curves of the private key.

This is one-way function, meaning that by knowing the public key one cannot find the private key.

The main types of keyrings are non-deterministic and deterministic wallets. Non-deterministic wallets create a series of random private and public key pairs and by knowing a private key one can always get a new public key. The deterministic ones create key pairs from the seed, a random word set of the appropriate size. In such a case, it is enough to copy the “seed” phrase once and keep it in a safe place without showing it to other people in order to be able to create a backup copy.

There are several other advantages in using "seed" phrase besides the higher level of security. One of them is that it is easier to restore access to coins and transfer funds to other platforms and devices.