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EURK Pilot Test Smart Contract is unavailable for security reasons as of 2nd of April. Therefore, EURK will not be available for buying, selling, and exchanging until further notice.
The problem is being resolved by our team of technicians.
We sincerely apologize for the inconvenience caused.
For assistance and/or to report any incident, please contact our dedicated support team at [email protected]
Please stay tuned and await further updates.
EURK Team
Cryptography is the use of codes and ciphers to secure communications and transactions for cryptocurrency and you may wonder “Why is cryptography important for cryptocurrency?”. Join us in this blog as we explore the relationship between cryptography and cryptocurrency in detail.
In reality, cryptography is absolutely vital for cryptocurrencies, forming the backbone that allows trustless digital value transfer. Let’s start by understanding the basics of cryptography!
At its most basic level, cryptography refers to techniques for secure communication in the presence of third parties, called adversaries. It allows two individuals to exchange information privately by encoding messages in such a way that only the intended recipient can read them.
The process involves converting readable plain text into unintelligible cipher text using an algorithm and a cryptographic key. Encryption and decryption are integral parts of cryptography. Let’s explore them!
There are two main steps of cryptography: encryption and decryption. Encryption encodes a message, hiding it and scrambling it into an unreadable format.
Decryption recovers the original information by decoding the ciphertext. While encryption scrambles the message, decryption unscrambles it. Both processes utilize a cryptographic algorithm and key.
During the encryption process, an encryption algorithm and cryptographic key convert the plaintext or human-readable message into ciphertext. For example, the message "hello" may become something like "ks85nf$4@kd."
Additionally, the key enables the intended recipient, who possesses it, to decrypt the message. Encryption ensures messages are private and secure, as only the sender and intended receiver have the key.
On the receiving end, the intended party uses the decryption process and the same cryptographic key to convert the ciphertext back into plaintext. Decrypting the scrambled "ks85nf$4@kd" alphanumeric output would recover the original "hello" message.
Decrypt the scrambled "ks85nf$4@kd" alphanumeric output and recover the original "hello" message by having knowledge of the encryption algorithm and possessing the same cryptographic key used for encryption.
Cryptography plays a critical role in blockchain technology and underpins cryptocurrencies, which operate on distributed blockchain public ledgers. Public-key cryptography allows for digital signatures to authenticate transactions and ensure the integrity of data recorded on the blockchain.
Users' ownership of funds is guaranteed while transactions are validated, as only the owner possessing the private cryptographic key could have signed them. This prevents double spending and maintains the integrity of the ledger without a centralized authority through decentralization.
Cryptography addresses vulnerabilities in traditional communication and transactions. It solves problems like privacy, confidentiality, data integrity, non-repudiation (proof of origin), and authentication.
Privacy and confidentiality prevent casual eavesdropping, while data integrity guarantees the non-modification of messages in transit. Non-repudiation with digital signatures proves the sender or receiver of a transaction.
Authentication verifies the identity of parties to a communication or transaction. All of these are critical for the security and trust required in digital value transfers with cryptocurrencies.
Blockchain technologies commonly use asymmetric or public-key encryption, which involves two separate but mathematically linked keys: a public key and a private key.
The public key encrypts messages, while the private key is required for decryption. Anyone can encrypt messages using the public key, but only the holder of the paired private key can decrypt.
Public-key cryptography avoids the key distribution problem of symmetric encryption and enables secure verification of ownership through digital signatures that can be publicly validated against the signer's public key.
It should now be clearer how closely intertwined cryptography is with the creation and function of cryptocurrency. Without cryptographic building blocks like encryption, digital signatures, blockchain data structures, and decentralized digital money, it simply could not exist in its present form.
To summarize the key points:
Cryptocurrency combines decades of cryptographic research with distributed networks. Without cryptography, cryptocurrency would be just an abstract theoretical idea, not a reality with billions of dollars in market value.
Stablecoins minimize volatility by pegging their market value to an external asset like gold or fiat currencies and are crypto assets. For instance, EURK is a euro stablecoin that is securely issued and audited, backed 1:1 by real cash in trusted bank reserves in Switzerland and the Dominican Republic.
As a crypto asset, EURK offers transparent transactions on multiple blockchains that are fast and secure while maintaining price stability through the peg. Stablecoins play an important role in crypto by providing reliable bridges between traditional currencies and digital assets.
Stablecoins play an important role in cryptocurrency markets and applications by introducing price stability. They harmonize the benefits of cryptocurrencies and traditional currencies, enabling crypto to function more like digital cash.
Their stable value makes stablecoins useful bridging currencies when exchanging between crypto and fiat. EURK aids crypto trading between the euro and other digital assets securely.
Stablecoins enable mainstream commerce to open up to cryptocurrencies by allowing digital purchases to be conducted without risk of volatility. EURK empowers fast and affordable e-commerce payments as well as other types of crypto payments.
Stablecoin reserves back banking services, lending protocols, and exchanges, powering the growth of decentralized finance and decentralized applications built for cryptocurrencies through stablecoin liquidity. They also provide transparency for stablecoin, which makes them more secure.
The link between cryptography and cryptocurrency is inseparable. From encryption securing transactions to digital signatures verifying integrity, modern cryptocurrencies leverage cryptography in every aspect of their design and operation.
Technologies like public-key infrastructure developed through cryptography research now enable completely new models of digital money and finance.
With further innovation, the secure and decentralized networks built on these cryptographic foundations will continue to empower individuals throughout the world with new opportunities.
The continued growth of the stablecoin EURK represents how crypto can harness both encryption's strengths and stability's advantages to realize cryptocurrency's full potential. Considering investing in stablecoin but cannot find a reliable stablecoin? EURK is here for you. Become a partner today!
