Cryptography 25

What is cryptography in security? One of my friends, Paul DeMeester, recently mentioned cryptogramming as a possible response to the vulnerability of Bitcoin. Crypto-currencies are just pseudo-private public keys (a private key is used to encrypt the message's message and the public key encrypts the message's message). This means you can encrypt one message and then use another message to reveal that private key, which is then used as a password to encrypt the first encrypted message, and so on up until there is no longer any private key to be encrypted (the public key itself becomes publicly known, and is then used to encrypt whatever is afterwards encrypted using the private key). So, what is cryptogramming? Basically, we can say that Bitcoin users are not using the original Bitcoin private decryption key, but they are using one from another cryptographic system that is used for signing the Bitcoin transaction of choice. Bitcoin users can also use a Bitcoin address, a Bitcoin address is used to encrypt the Bitcoin transaction (and the actual private key).

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