Have you ever wondered how symmetric cryptography works in the world of cryptocurrencies? Many people still don’t know the science behind how these algorithms and security features work. Symmetric cryptography has its advantages and disadvantages, just like with other forms of encryptions. However, it is important to make transactions a lot easier, safer, and secure. If you want to learn more about symmetric cryptography, which is not a disadvantage of symmetric cryptography, read further down below.
What Is Cryptography?
Before discussing what is not a disadvantage of symmetric cryptography, you must know how cryptography works. Large crypto companies such as Bitcoin and Ethereum use a peer-to-peer decentralized network system to make their transactions. And because all of the transactions are online, it can be hacked and exploited by hackers.
Here comes cryptography. Cryptography is a means and way of converting ordinary texts into incomprehensible text and vice versa. This means that cryptography is a method of transmitting and storing specific data in a particular form that is only readable for transacting people. Simply put, cryptography is a form of security protocol in which it protects important data and prevents it from being hacked or exploited. Aside from being a security feature, cryptography can also be an alternative and efficient user authentication.
Cryptography is used in cryptocurrencies and the world of banking, computer passwords, and many more. There are primary concerns why cryptography is important. This includes:
- Verification – it should provide that the one who is sending is you.
- Integrity – any information sent or received shouldn’t be altered.
- Non-repudiation – at a later stage, the sender can’t deny her/his intentions once the information is already transmitted.
- Authentication – both parties should confirm their involvement in the transaction.
Encryption is one of the basic aspects of cryptography. It works by sending a transaction, message, or any important data unreadable for an unauthorized recipient or reader. And the only ones who can read the data or transaction are the ones that are only involved. These keys make the information “secret” in a sense.
What Is Symmetric Encryption Cryptography?
Symmetric cryptography is one of the earliest known methods to man, and it is one of the most popular methods used in cryptocurrencies. How symmetric cryptography works is using one key to encrypt and decrypt information or data. Simply put, the sender uses the key to encrypt the text and send the ciphertext directly to the recipient. On the other hand, the recipient uses the same key to decrypt the text and recover the original plain text.
A faster process, which is not a disadvantage of symmetric cryptography, is one reason why companies prefer this type of encryption method.
What Is Asymmetric Encryption Cryptography?
Asymmetric Cryptography works just like the concept of symmetric cryptography. The only difference is asymmetric cryptography uses two keys, whereas the other only uses the same key. The two keys are private and public. One of the concepts of asymmetric cryptography regarding both keys is that the public key can be disseminated. However, the private key is known by the owner only.
Put, how asymmetric encryption cryptography is the sender can use the public key to encrypt the recipient’s message. In contrast, the private key is the only key that can decrypt the receiver’s message. This technique achieves two important things. It is great for encryption and authentication important in cryptocurrency transactions.
Advantages and Disadvantages of Symmetric Encryption Cryptography
- Only the person with the key can decrypt the message, which is not a disadvantage of symmetric cryptography.
- In symmetric encryption, it uses a password authentication technique to prove the owner’s true identity.
- Compared to Asymmetric encryption cryptography, symmetric encryption cryptography is a lot faster.
- The encrypted can still be transmitted to the sender even if there’s a potential for a hijack or intercept. But with no keys involved, the chance of decrypting the message is null.
One of the disadvantages of symmetric key cryptography is it can’t provide digital signatures that aren’t repudiated.
Another disadvantage of symmetric cryptography is the transportation of the key. The secret key should be transmitted to the system before the actual message is sent. And by this, theirs is no guarantee that no one can tap onto these channels or networks. Still, the best way to transmit keys is to do it personally.
Advantages and Disadvantages of Asymmetric Encryption Cryptography
- Using asymmetric encryption cryptography means eliminating the problem of the distribution of keys. And that is because there’s no need to exchange keys.
- Compared to symmetric, asymmetric has increased security. And that is because the private key used to decrypt the message isn’t being transmitted.
- Asymmetric cryptography provides digital signatures. It can also be repudiated.
One of the main disadvantages of using asymmetric cryptography is the encryption speed. Many secret-key encryption techniques are a lot faster than any public-key encryption technique.
Large crypto companies such as Ripple, Bitcoin, Ethereum, and other blockchain-based cryptocurrencies heavily rely on different cryptography methods to maintain their fidelity and security.
Cryptography is the computational and mathematical technique of decoding and encoding data and any important information.
Bitcoin, the largest crypto company, uses three different crypto methods. One is for the sole purpose of producing public and private keys, while the last one is for “mining purposes.”
In the world of cryptocurrencies, you never what to expect until it happens to you. But for the most part, concealment and anonymity are the key aspects of crypto. Symmetric and asymmetric encryption cryptography is made for everyone to have a safe and secure transmission of important documents and data.
Learning which is not a disadvantage of symmetric cryptography will give you a better idea of how this method will help you in the long haul. Regardless of which type of method you choose, they have different advantages and disadvantages. But with an encryption method, you will surely have peace of mind knowing your important data can safely land on the receiver that they alone can decrypt it. Learn more about cryptography here!