Solana/Private Key, Public Key and Address/Introduction

A student is confusedly staring at the computer screen, which shows information related to Solana wallet.

Student: "Teacher, I've learned how to use Solana wallet to send and receive coins, but..."

The student is hesitant to continue.

In the previous lesson, the teacher explained how to use the wallet.

Teacher: "Oh, I can tell you're very confused."

Student: "Teacher, I'm not quite clear about these terms - private key, public key, and address. Can you explain the relationship between them?"

Teacher: "Of course! Let's start with the basic principle. In the Solana world, each wallet is like a unique account where our coins are stored. To access those coins, we need to use a special mechanism - the private key."

Student: "Oh, so what does the private key do then?"

Teacher: "That's right! The private key is like a safe deposit box key. It's used to sign transactions, ensuring that the funds are actually transferred by me."

Student: "I understand! So what about the public key? What's its purpose?"

Teacher: "The public key is just a copy of the private key, but it's publicly available on the blockchain. Every time I use my private key to create a transaction, that transaction will be recorded in Solana's blockchain and accompanied by my public key."

Student: "I think I'm starting to get it! So the public key is like a string of numbers and letters that represents my wallet address?"

Teacher: "Exactly! Each public key corresponds to a unique wallet address. The address is like my identity card, so when others see this address, they know it's my wallet."

Student: "Why do I usually see addresses instead of public keys online?"

Teacher: "That's because addresses are more intuitive and concise. They're also easily accessible by others. Public keys, on the other hand, are complex binary codes that aren't suitable for direct use in public settings."

Student: "Okay, so let me summarize - the private key is used to sign transactions, the public key is a part of the private key's copy that's recorded on the blockchain, and the address is generated from the public key. That way, when others see my address, they know it's my wallet."

Teacher: "That's correct! This is the relationship between Solana's private keys, public keys, and addresses. I hope this simple explanation helps you better understand these fundamental concepts. If you have any other questions, feel free to ask!"