Ethereum: How are transactions verified with only the Bitcoin address, not the public key?

How ​​Ethereum Verifies Transactions Using Only a Bitcoin Address

Asymmetric cryptosystems, such as those used in Bitcoin, rely on mathematical algorithms to verify transactions and ensure secure online transactions. One of the key features that sets asymmetric systems apart from others is the use of a public key instead of a private key to sign messages.

In this article, we will examine how the Ethereum smart contract platform uses a combination of methods to verify transactions without relying on a public key. Specifically, we will examine the role of Bitcoin addresses in the Ethereum transaction verification process.

Asymmetric Cryptosystems 101

When you create an asymmetric pair consisting of a private key and a corresponding public key, both are kept secret by an individual user. The private key is used to sign digital signatures, and the public key is a “fingerprint” or unique identifier of that private key.

The security advantages of this method are as follows:

  • Private Key Protection

    Ethereum: How are transactions verified with only the Bitcoin address, not the public key?

    : Private keys cannot be shared publicly, which helps prevent unauthorized access to sensitive financial information.

  • Digital Signature Verification: The public key can be used to verify the authenticity and integrity of digital signatures, ensuring that they were generated by the intended owner.

Ethereum Smart Contract Platform

When creating smart contracts on Ethereum, developers rely on a complex system that includes several cryptographic techniques. However, Ethereum essentially uses Bitcoin addresses as an alternative to private keys to verify transactions.

Here are some key points about how Ethereum verifies transactions using only a Bitcoin address:

  • Bitcoin Address: An Ethereum user generates a unique Bitcoin address, which is used as a “signature” for their transactions.
  • Transaction Hash: When a transaction is broadcast to the network, its entire history is stored in a database called the blockchain. A hash of the transaction is calculated and this value is used as a unique identifier for that particular transaction.
  • Signature Verification: Every Bitcoin address has a corresponding public key associated with it. In Ethereum, the sender of a transaction uses their private key (secret) to create a digital signature using the Bitcoin address as a “fingerprint”. This process is called “signature verification”.
  • Transaction Confirmation: When a transaction is confirmed, the following steps are performed:
  • A hash of the transaction is stored in the blockchain database.
  • Each involved party (e.g. miners, validators and users) calculates their own signature using the public key associated with the Bitcoin address.
  • The resulting signatures are compared with the expected signatures created by each node in the network. If the signatures match, the transaction is considered confirmed.

Key Benefits

Using Bitcoin addresses to validate transactions offers several benefits:

  • Reduced private key risk: Since private keys remain secret, users do not need to worry about sharing sensitive information.
  • Enhanced security: The use of public keys and digital signatures helps prevent unauthorized access to financial transactions.
  • Enhanced transparency: Blockchain databases store the entire transaction history of each Bitcoin address, providing a clear record of all activity.

In summary, the Ethereum smart contract platform relies on Bitcoin addresses as an alternative to private keys to verify transactions. Using this approach, developers can create secure, decentralized systems that protect user data and ensure trustless transactions without relying on traditional asymmetric cryptography methods.

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