What is a private key?

Maxcoin frequently asked questions.
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What is a private key?

Post by Meconomy153 » Fri Jan 02, 2015 8:28 pm

Every maxcoinaddress has a private key. This private key is a secret code. The owner of this code is the owner of the underlying maxcoins. Every maxcoinaddress has its own private key. This key can be found in the wallet file of the maxcoinaddress, which is only accessible by the owner. Anyone who has the private key can spend the coins! So you should never ever give away your private key!

It is possible for everyone in the world to see your maxcoinaddress. This address however, is completely anonymous. So there isn’t a single person which can see which maxcoinaddress belongs to which person. All of the transactions are public, which makes the coin very transparent! It stays however, impossible to know who the sender, and who the receiver from these maxcoins are. Simply because maxcoins aren’t related to a person or name. But only to a particular address.

The private key is mathematically related to the maxcoinaddress. It is designed in such a way that the maxcoinaddress can be calculated from the private key. The same cannot happen in reverse. So from the maxcoinaddres, you cannot calculate the private key.

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