Blockchain and Cryptocurrency Intermediate - Blockchain CryptoGraphy: Practical Demonstration of Signatures
Signature
Based on the explanation of the digital signature earlier in this post, I will be demonstrating the digital signature practically by visiting the signatures section here https://andersbrownworth.com/blockchain/public-private-keys/signatures
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For the message input, I typed in a message and used the corresponding private key to sign the message.
Message - This is super amazing
Private key - 234456257972461218393871752070025370277412040873841136242139412644475678
Message Signature - 304502206c9dee253be5c4b985388ed272d2f71f7cb1347c01df06a829c34222a9a44b9102210086ac2eced3421c7f5d28186cb56f8e6121bd59f0fd3b7d2d6781cb2e03b006c1
From the above, we can see that the message was successfully signed and as a result, there was a corresponding digital signature.
To verify the message, click on the verify section and proceed by clicking verify. We can clearly see that the message was successfully verified because of the green colour which validates the success of the verification and proofs that the message comes from the original sender.
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Functionality of digital signature
A digital signatures enables the signing of a message so that any changes or modification can be detected and the original source can be verified. This helps to prevent malicious actors from altering the message. It serves as a digital stamp of authenticity that proofs and it increases the security of transaction between sender and receiver and reduces the possibility of identity theft.
Transaction
To demonstrate transaction on blockchain practically, I will visit the transactions section on the site here https://andersbrownworth.com/blockchain/public-private-keys/transaction
Like I explained in the blockchain wallet, this demonstration shows how a transaction is carried out in a blockchain wallet. The core principle of any cryptocurrency transaction is just a message on the blockchain that tells the algorithm to send a certain amount of cryptocurrency from the sender to the receiver. The sender will have to sign the transaction using the private key to approve the message to be sent to the receiver on the blockchain.
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Message - $120
Sender public key - 047a5d8dcd47933155dcc8ebfb36a09a066f226b67b3df4937fce6fcd365e1b086fe352184db85fcd81d84d7bc976c0a0af44acde840fb407c6c16af47db4d1e17
Receiver public key - 04cc955bf8e359cc7ebbb66f4c2dc616a93e8ba08e93d27996e20299ba92cba9cbd73c2ff46ed27a3727ba09486ba32b5ac35dd20c0adec020536996ca4d9f3d74
The private key - 234456257972461218393871752070025370277412040873841136242139412644475678
Message signature - 304502202e56be23c2d815dbd701f796ed682e27b24ee0297f07559edc89ee71410b9e8a022100c0cc455b2fc9bffaa50e100446d94c253ba005f48642e6e3f6e5c673c8079417
From the above, the private key will be used to sign the transaction on the blockchain. The transaction will be carried out from the sender’s public key/address to the receiver’s public key/address. After signing the transaction, a message signature was generated as a proof of authenticity.
To verify the transaction on the blockchain, click on the verify section and click on verify. This will verify the authenticity of the transaction and ensures that the transaction comes from the original sender.
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Functionality of transaction
Transactions are key essentials of any blockchain as it is what allows for the creation of new blocks and adds a new block on the chain. Each transaction on the blockchain creates and adds a new block on the chain. Each block on the chain are chronologically linked to each other and each block carries the transactions that is stored on the blockchain.
