Private key = Proof of ownership of cryptocurrency assets
The encryption technology called public key cryptosystem is used for cryptocurrency.
In this system, every user has “private key”ーshared only with the senderーand “public key”ーshared with others. The public key, by having it open to the public, can be used for the authentication with the corresponding private key.
The sender can create digital signature with private key.
Digital signature encrypts the sender’s transaction data with the private key and proves that the transaction is correct. This is like identity verification with seal or signature required when you transfer money via bank.
You can send your cryptocurrency only when the digital signature is verified.
In short, the private key is the proof of ownership of your cryptocurrency assets.
Therefore, the private key needs to be kept safe and confidential.
Once the private key is leaked to a third party, your cryptocurrency may become under the control of others.
The backup key used in Ginco is connected to the private key.
The private key can be generated from the backup key, and even if the device is lost or stolen, the backup key enables the restoration of the private key and your assets.
Therefore, you may not show the backup key to anyone the same as the private key.
Please keep the backup key safe like your seals, passbooks, and ATM cards.