Day 18 - Exploring the Cryptography Behind Web3, ECC and Its Threats
As we move towards the next evolution of the internet, often called Web3 , we hear a lot about decentralization, blockchain, and digital ownership. But behind all of this advanced technology lies a powerful and efficient backbone that makes it all possible: cryptography . Today, my goal is to understand two core concepts: Elliptic Curve Cryptography (ECC) , the mathematical foundation, and how it is applied in the broader Web3 ecosystem, along with the threats that come with this new paradigm. Part 1: Elliptic Curve Cryptography (ECC) - The Backbone of Modern Security What is ECC? Elliptic Curve Cryptography (ECC) is an approach to public-key (asymmetric) cryptography based on the algebraic structure of elliptic curves over finite fields. Like RSA, ECC is used to create a key pair for secure communication: Private Key: A secret, randomly selected number that is known only to the owner. Public Key: A point on the elliptic curve that is calculated from the private key ...
