Republic Wallet
What are public and private keys?
Private Key: A private key is a long, randomly generated string of numbers and letters. It's like your secret password to access and control the funds in your cryptocurrency wallet. You should never share your private key with anyone else, as it grants full control over your wallet and its contents.
Public Key: A public key is also a long string of characters, but it is derived from your private key using a mathematical algorithm. Unlike the private key, the public key is meant to be shared with others. It serves as your wallet's address, allowing others to send cryptocurrencies to you.
Here's a simplified analogy to understand the relationship between private and public keys: Imagine you have a locked mailbox (your cryptocurrency wallet). To open and access the mailbox (control the funds), you need a special key (the private key). The mailbox can be found at your address (the public key) which is publicly visible. People can use the address (public key) to send you mail (cryptocurrencies) that only you can open and access using your private key.
To summarize, the seed phrase is a backup key to your entire crypto wallet, while private and public keys are like the secret and public parts of your wallet's address, enabling secure transactions on the blockchain. Remember, keeping your seed phrase and private key secure is essential to safeguard your cryptocurrencies.