Public Key and Private Key

A public key is a alphanumeric string which serves as a public receiving address in cryptocurrencies. Digital keys are generated from a large random number through a cryptographic key generation programme to produce a private and public key. Public keys can be disseminated freely as the receiving address of your cryptocurrency, whilst an encrypted message sent from a receiver's public key can only be decrypted with the receiver's private key. An easy parallel is to think of a public key as your bank account number and the private key as your personal PIN code to access your funds.

Wallet 

A (crypto) wallet is comparable to an online bank account. These wallets are both a gateway to access blockchain and an interface that lets users store, send and receive cryptocurrencies. There are three popular categories of wallets: (non)-custodial, hot, and cold wallets. Want to know more about the different wallets? Check out this glossary from a previous edition of the newsflash. 

Blockchain wallets will soon also be used by citizens, businesses and public administrations to exchange verifiable credentials, hold decentralised IDs, and much more!