Difference between Decentralized & Centralized Exchange
- CEX means centralized exchange. This market is priced at one coin anytime in the world and almost all coins are centralized networks. You can buy coins or tokens directly without considering the network they are connected to for example Eth, Bep20, Bep2, Trx, Sol, etc. Only one can buy USDT directly and the price is the same at every exchanger in the world or network problem. CEX all applications are available in play store or iOS etc. For example, Binance, coins, Gate.io, MXC, Lbank, Bitmart, Okex, Bitmex, Ascendex, etc.
2. DEX also means decentralized exchange. It is the opposite of CEX and a network of coins or tokens is very important. For example, a coin is on the eth network so one cannot buy it directly with USDT, or BUSD, or BNB you have to buy it with Eth and in Eth, you will be charged transaction fees. BSC network tokens can also be used with Bep20 or Bep2. All transactions that will be charged are on the BNB Smart chain. So Trx, and Solana all. Examples are Uniswap, Pancakeswap, Sushiswap, Dextool, Apeswap, Coinswap, Radium (mostly Solana network), etc. And they are not applications that a person can use his wallet to praise the dapp browser and have access to the websites of any of them, for example, Pancakeswap is pancake. exchange. Wallets like Trustwallet, C98 wallet, Safepal, Solnet, Math wallet, etc.
For example, if you look at the Keys on their Trustwallet, you will see that not all of the coins you own are on your wallet, right? You can also use your BTC Wallet address to receive BTC Then you can use your Public key. But what about your other coins and wallets? If not, does that mean they can’t be sent to you? Not so Why do I say your wallet address will serve as your public key .. so people will understand what it means there is a thing called Pseudo-anonymity which is the existence of an object. But you cannot see its contents.
That is, it is not wrong to look at it. But you will never know what it is All Crypto addresses are Pseudo-anonymous. The first thing you need to know is that the Blockchain of each coin is clear, what I mean is that any Transaction made is recorded And can be traced, But can be traced can Transaction But No One can trace has found the owner of this wallet. This and extract content pseudo-anonymity. Nothing is confusing here Also if you look at the Trustwallet what they say Be careful with your public account keys when you give them to someone because you allow him to view your Transactions history.
They did not tell you not to leave your public key, they just said be careful if you give away your public key someone else will send you something because He can see all your Transactions. This is true But if he sees Can he enter your wallet and withdraw money using this key? It is impossible. For example, if someone picks up your phone and checks your bank alerts, you will not be able to check all your Transactions, including the available balance at this time. It is impossible either.
In short, the reason for this warning is Because by giving your address a person will look at your Transactions on the Blockchain when he goes to check, then After checking and if he is not in town, if he sees you are busy with your wallet, then he will start tracking you Trying to trick you in any way because He was able to enter the wallet at your place. By tricking you into saying your passphrase will bring you something in your wallet, as well as other types of scams, they are the only ones who know their tactics. Koh And for example if you try to get your phone just transfer it to his wallet Koh And is somewhere else.
But everyone knows this is a very difficult thing to do because anyone who does this business knows the importance of a password. After all, it is a wallet. After all, the only way to get rid of all the scams on their crypto is not to expose your SECURITY PUBLIC AND PRIVATE KEYS First, of all, I want you to read about our last week’s lesson on Cryptography because you have to read our previous lesson if you want to understand today’s reading properly! And I want to deny all these things that we are going to talk about today in terms of Cryptocurrency because if we say we are going to get into them a lot then it will be a lot.
Private and public key keys are both concepts. First of all, there are what is called Symmetric and Asymmetric Cryptography, these two things. ••• SYMMETRIC CRYPTOGRAPHY What is Symmetric Cryptography? As we explained that cryptography is a way of providing information on the Internet so that it can be transferred from one place to another in Security and Privacy without anyone seeing what is happening Koh they have found a problem they have not damaged Only the sender and the recipient of this message know about this information after them.
No human being can see this thing unless they are the ones who showed it, in short, this is what we called cryptography in our last week’s study. But what is Symmetric Cryptography? Before we talk about Symmetric and Asymmetric Cryptography we need to talk about Encryption and decryption.
give them your private key and nothing else.ENCRYPTION
Although some things are difficult for them to understand, we can make it easier for everyone to understand. Encryption in Computer Science is how one transforms a piece of information into a form of information that people like you, like you, will not understand except the computer itself. The whole point of the information is not to change it, it means that your information is small in its own right. understand what this involves. There is what is called Algorithms in computer language, this algorithm is a set of mathematical instructions, in simple language when I say Mathematical instructions in a computer is a statement that makes it difficult for a person to understand, the computer machine alone has to find out about this thing😅. I know that this can be very difficult to identify, especially for those who do not have a computer, but it is not something that one should worry about, you do not have to know how to do crypto. So, in simple words encryption only means the process of turning information into mathematical commands that makes it difficult for people to understand. The wisdom of all this is to give this information the proper protection so that people will not be able to see what it is and not even think about attacking it. I’m talking about hackers. These people will not be able to see what this information contains as a result of this Encryption algorithm used on this Data. Example: Companies use this method to keep their campaign information private so that the owners of their company will not be able to steal any of their technology so that they can also use it to get Customers. God forbid what encryption is.
Decryption, when we look at the fact that Encryption and decryption are related to Koh in their own right, then it shows us that they are just rivals. So decryption is nothing but a way of changing the information you are encrypting Koh And encoding it all One thing, we return it as the original Data.🙃
No one is confused 😅 Encryption is to hide your decryption information and restore it to its original state. For more information, wake up people. decryption is to turn the information back so that people Koh computer can understand what, by what? is by using the so-called KEY. This key is the only thing that allows you to open encrypted data to view its contents. The opening method is called decryption. BUT
WHAT’S THE KEY? The Key in Cryptography is a series of letters that replace computer information. This Key Contains Unique Identifier, But What Makes Them Different From This Key, This Key Unique Identifier Similar to it. the key is a string of characters, that is Like a word Koh words Koh some alphabet. But it does not have to be a literal word that one can understand! After all, these are the two things we need to know.
So now what is Symmetric Cryptography? Symmetric Cryptography is the process of encrypting and decrypting information using a single key. I mean, the encryption key and the decryption key are all the same, so this is Symmetric Cryptography. This key is also the Private key. ••• ASYMMETRIC CRYPTOGRAPHY And Asymmetric Cryptography is the most important one because it contains the things we want to talk about right now. Asymmetric cryptography consists of two keys, a public key, and a private key.
A public key, in simple language in this business Cryptocurrency, is Wallet Address only, know Almost everyone when I say wallet address what do you mean? is the object of Cryptocurrency, we will see it is alpha-numeric characters. 12sHdkaevsiaw6GYwlwGaldjcvamwoab That’s how we see it. The public key is called the key because it replaces your wallet, this address of your wallet represents your wallet on the Blockchain, and no wallet has the same address as your wallet.
However, when we look at it, we see that this key is generated by Encrypting this wallet, where it hides the information in your wallet, where shit may be all the space in your wallet. Even if all the money in the world is in your wallet, the whole world will not know it unless you show it to them. The wallet address is holding $ 1,000,000,000 and the holder is holding $ 1 for the entire length of the characters, which means that the total number of characters is the same except that they are not the same.
This also protects everyone from Cryptocurrency because of the poor and the billionaire. So please guess what Public key! The only thing I can say is that it is a wallet address. PRIVATE KEY Private key is the Seed phrase in your wallet.
What is a seed phrase? The seed phrase is a list of 12 words that we usually see, and these are the only English words that are generated, which are your wallet. If you play with these 12 words, play with everything in your wallet because it represents the next One wallet. This phrase is a good place to find a safe place to store it because it is not shared with anyone. After all, by using it, everything in the wallet will be stolen.
The reason I keep repeating One thing is that I deny the importance of these words. Once you open a wallet in Trustwallet Koh a different wallet all you have to do is find a place to type these 12 words and save them so that even if it is your phone Find the application download problem on your phone And change your phone, If you do not write them down, download the new Trustwallet application here but you can not open a new wallet where you lost those 12 words of your old wallet, because that is the Key that will allow you to access your old wallet.
I would like to emphasize that we have to make sure that we have a place where we store our most important things. The difference between a private key and a public key is that the private key is not wanted by anyone because it is sensitive. If you play with it, play with your money. The public key is one that we can send to others, to receive Cryptocurrency. Alhamdulillah, this is the end.