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If you want to send or receive crypto currencies and create a crypto wallet , you will be confronted with the concepts public key, private key, secret phrase and wallet address. You need to have a clear understanding of these terms to safely trade with and manage your crypto assets.  
Don’t worry, however, these concepts are not as complicated as they seem at first! In today’s article, we will offer a simple, easy-to-understand explanation and a comparison with sending and receiving money in the traditional banking system.  
First, however, we briefly need to talk about “cryptography” – after all the domain to which cryptocurrencies owe their name.  
The term cryptography is derived from old Greek “kryptos” and means “hidden” or “write secretly”. The field of cryptography deals with how to encrypt and decrypt information as to keep information confidential and as to prevent unauthorized persons from accessing the information in transit. The domain was mainly pioneered and led by academic and military research.  
For decades, encryption was done through using a secret phrase that sender and recipient used to encrypt and then decrypt the message – as the same secret phrase was used, this was also called “symmetric encryption”. However, downsides of this format where that if any unauthorized person gained access to the secret phrase, they could not only access the information but impersonate the sender and therefore cause even greater damage.  
Asymmetric cryptography was pioneered in the 1970s and solved this problem by introducing the public-private key pair. The private key is a big, random prime number and can be used as unique ID specific to a party to encrypt, decrypt or sign a message or file. 
Cryptography and more specifically asymmetric cryptography was the forefather and technological foundation upon which Satoshi Nakamoto created Bitcoin, hence the name “cryptocurrencies”.  
Every crypto wallet consists of a unique pair of public and private keys. There is a one-way-relationship between private and public key: through means of cryptography the public key for a private key is derived, hence a crypto-key-pair results.  
However, it does not work the other way around. It is impossible to derive the private key through a public key. These key pairs allow to share the public key which can be used by others to encrypt or verify information. This is what so-called asymmetric cryptography is all about and was a big breakthrough in encryption when first developed in the 1970s.  
The private key is to a crypto wallet similar to what an ATM PIN or Online Banking TAN is to a bank account. Every wallet has one or multiple unique private keys. It is only known to the wallet owner and used to prove he rightfully owns the account and contained funds and can send transactions. 
Each crypto transaction sent is signed with the wallet’s private key – that private key however is not revealed to any outside parties.  
Just like you shouldn’t tell anyone your ATM PIN because they could use it to access your funds, you must keep your private key secure at all times because other people could use it to access and send (steal!) your funds.  
Because the private key would be a super-complicated random number 256-bit-number, that is impossible to remember and note, the idea of the secret phrase was invented. 
If a user was to lose (and/or forget) the private key to his wallet, he could no longer access, manage or send the funds contained within the wallet. In short, the funds would irretrievably be lost. To avoid this from happening, there is a backup mechanism built into crypto wallets called the secret phrase (sometimes also referred to as mnemonic phrase, backup seed, recovery phrase).  
A secret phrase is a collection of 12-24 words that store all the information required to recover and access all the funds of a crypto wallet. It can be used to derive the private key of the wallet as a secret phrase is a representation of the random number your private key is. 
An example of a 12 word secret phrase could be the following 
donkey pony lizard comfort house frame ignore push glass cheap mouse secret 
Wallet providers will instruct users to note the generated secret phrase on a piece of paper and store it securely, out of reach for any third person. If any other person gets access to your secret phrase, they could steal all your crypto funds stored in that wallet! 
The public key of a crypto wallet is derived from the corresponding private key using a mathematical function known as “elliptic curve multiplication”.  
Digital assets and crypto funds are stored in, or rather assigned to, a wallet address. A wallet address can be likened to a bank account number/IBAN. The wallet address can be shared with another person and is used to receive transfers of digital assets there.  
 The wallet address is mathematically derived from the wallet’s public key through a one-way function called “hashing”. The wallet address is a shorter representation of the public key’s final part and usually has a length of 160 bits. 
If you want a friend to send you money, e.g. 0,001 BTC, they will send the money to your Bitcoin wallet address you have provided them with. NOTE: Wallet address and public key are not the same, as the wallet address is the final part of the public key.  
However, it is important to note that Bitcoin and Ethereum are not anonymous, but pseudonymous. Using a Blockchain explorer, any outside person can enter a specific wallet address and see all prior transactions of this wallet with other wallets.   
The wallet address is a unique identifier of a crypto wallet. The wallet address format depends on the respective blockchain, but it usually consists of around 25 to 40 alphanumeric characters and includes numbers, letters and sometimes even special symbols.  
For example, the first Bitcoin address ever created was 
 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa 
The wallet address is safe to share, it allows others to send money there and check all prior transactions from and to that wallet address. 
Wallet addresses don’t allow external users to see who owns the wallet as wallet addresses are typically not tied to a specific identity. This changes with exchanges like Blocktrade. As per KYC/AML regulations, exchanges have to determine the user’s identity and postal address, an exchange wallet address can therefore be connected with a user’s identity (but only the exchange can see this information).  
Now that we have explained private key, public key, secret phrase and wallet address, let’s discuss how they go together. When you create a crypto wallet with a wallet provider, you will receive all these four elements. Here is the role of each of these 4 concepts for you as a wallet user: 
BlocktradeOperations OÜ has its registered address at Maakri 19/21 Tallinn, 10145 and is governed by Estonian law. 2022. All rights reserved.
BlocktradeOperations OÜ has its registered address at Maakri 19/21 Tallinn, 10145 and is governed by Estonian law.
BlocktradeOperations OÜ has its registered address at Maakri 19/21 Tallinn, 10145 and is governed by Estonian law. 2022. All rights reserved.
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Home News A Beginner’s Guide to Crypto Wallet Private Keys
A Beginner’s Guide to Crypto Wallet Private Keys
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Almost every cryptocurrency is built atop the public-key cryptography (PKC) framework that uses two keys that fit together as a pair, allowing anyone to send and receive digital currencies without any centralized authority in between.
One part of the pair is known as the “public key,” which you can share “publicly” to receive cryptocurrencies, NFTs , and other similar assets. The other is the “private key,” which is used for encryption and authentication, and as the name implies, should be kept “private.”
But what’s the reason behind everyone saying that it is crucial to safeguard your private key? Let’s explore their origin, reasoning, and value in the cryptoverse.
In traditional finance (TradFi), banks and other financial organizations often use the customer’s signature to verify and authorize transactions. In this case, the signature is the key. Likewise, in the world of cryptocurrencies and DeFi, each transaction is verified and authorized using private keys , which are a string of text and numbers that only the owner (should) hold. Simply put, anyone can generate a transaction on the blockchain that involves your digital assets. Yet, only you can sign them cryptographically to validate the transaction.
Think of the private key as the password that unlocks the digital vault that holds your assets. Until the time you - and only you - have access to the key, your funds are secure, and you can access your wallet from anywhere in the world. But if someone gets access to your private key, it means that they also have access to your digital wallet and every penny inside it.
If you lose your private key, you can never prove your ownership or spend the funds associated with the pairing public address. Furthermore, you can generate any number of public keys from a private key. Still, you can’t generate any private key from a public key, further underlining the importance of keeping it secure.
Your private key is in your crypto wallet, be it a custodial wallet or a non-custodial wallet. When you have a wallet with a third-party provider, the third-party acts as the “custodian” of your private keys, and they’re responsible for safeguarding your key. But if you have a non-custodial wallet, it’s upon you to keep your private key secure.
That said, owing to the user interface, functionality, and configuration of exchanges, you’ll most likely never need to interact directly with your private keys. In most cases, you’ll receive a seed phrase in many cases, which encodes your private keys as a backup. This means that as long as you keep your seed phrase safe and secure, your digital assets are protected.
While both public and private keys play critical roles in facilitating crypto transactions, there’s a new problem - one that’s increasing exponentially due to the rising number of cryptocurrency exchanges . As users continue to create different wallets across blockchain networks, they’re now overloaded with seed phrases. Keeping all of them secure and within reach to validate transactions on the go is quickly becoming a hassle.
Avarta , a next-gen data authentication layer, aims to solve the authentication and identification challenges that cloud both TradFi and DeFi ecosystems. Amidst pseudonymous solutions or centralized customer identification programs, Avarta introduces a 4-in-1 solution for DeFi and blockchain whereby your face is your private key to multiple blockchains.
Backed by numerous patents, the platform includes a biometric cross-chain wallet aggregator, decentralized identity management with a cross-chain credit scoring system, an anti-bot mechanism for public DEX listings, and a multi-signature wallet for corporations and legacy planning.
Using Avarta’s advanced security-enabled identity wallet, the Avarta Wallet, users can consolidate all of their cryptographic keys in one wallet without the need for any passwords or seed phrases. By combining a user’s biometric and device data, Avarta delivers a military-grade level of authentication and identification, ensuring end-to-end security of your keys and assets while giving you complete control over what is rightfully yours.
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