SIGN Coin: What's the story?
The SIGN coin, or as we colloquially say "the sign coin", is a term we hear a lot in the crypto world, especially when talking about digital currencies based on blockchain technology. Simply put, when we say "SIGN coin", we mean the "digital signature" that occurs on any operation or transaction happening on the blockchain network.
What does digital signature mean in the first place?
Imagine you are sending an important letter, and to ensure it reaches the right person and that no one opened it in between, you sign it with your hand. A digital signature is something like that, but in the online world. When you make any transaction on the blockchain, like sending Bitcoin to someone else, that transaction is electronically signed.
So what's the purpose of the SIGN?
It has many important applications:
* Security: The digital signature ensures that this transaction came specifically from you, and no one else can impersonate you. This means that if you send Bitcoin, this signature proves that you are indeed the owner of those coins.
* Integrity: It ensures that this transaction has not been tampered with or had any details changed after you agreed to it. This means that once you digitally sign it, it remains as it is.
* Non-repudiation: No one can deny having made this transaction. As long as there is a digital signature, that is conclusive evidence.
How is the SIGN done?
The topic might seem a bit complicated, but it simply relies on two keys:
* Private Key: This is like the pen you use to sign. A secret key that is only yours, and no one is supposed to know it but you. If you lose it, you might lose your coins.
* Public Key: This is like your bank account number. You can give it to anyone to receive coins from you, or to verify that the signature is yours.
When you make a transaction, the blockchain system uses your private key to create a unique digital signature for that transaction. Then, anyone on the network can use your public key to verify that the signature is valid and that the transaction really comes from you.
Why is it important to know about the SIGN?
If you are dealing in digital currencies, understanding the digital signature is very important. It helps you understand how your transactions are secured, and why you need to protect your private key like your eyes. This is the foundation upon which the trust and security of all digital currencies are built.
In summary, the SIGN or digital signature is your guarantee in the crypto world that everything is going smoothly and no one
No one can tamper with it.
