This article will teach you that now you can change your private key multiple times to protect your crypto without changing public.
Everybody in the world of crypto and blockchain must familiar with the terms public key and private key where the public key use receive payment and the private key used to access the wallet, but there is a problem we all face that we can’t change the private key and some time to secure our crypto we create complete new wallet but a new wallet also comes with a new public key which may we don’t need so what if I tell you that using Rekeying feature you can change your private key as many time as you want without affecting your public key? So keep reading this article, I will give you details about the Rekeying feature.
Millions of crypto get stolen every year because of the phishing attacks, so to protect the cryptos you regularly need to change your private key, which is not a simple process because to get a new private key you have to create a new wallet and have to transfer all coins/tokens from old wallet to the new wallet then if you are in business then you have to send your new private key to all your business partners and so on {Reference}.
Frequently creation of wallets is not so flexible for instance- after you login into your wallet, then you realize that it is a phishing website and now you need to transfer your funds to a new wallet and now need to create a new wallet but until you create a new wallet, your fund may get stolen.
If you are a vendor or institution, then it will be very difficult for your consumers and business partners to keep track of your public because you are changing it to protect your crypto.
Rekeying will provide you the Flexibility to change your private key without changing your public key so you can frequently change your private key to give your wallet maximum protection against the security threats.
Rekeying provides you the Continuity to use the same public key for life long with no worries and as a vendor or institution, you can assign a single public key for which your consumers will not face any problems to track your public key.
Rekeying helps you to grow your operational efficiency because it helps you to maintain your public key and helps you to get rid of frequent asset transfer to the new wallet.
With the Rekeying feature, you can unlock many more exciting use-cases as you will be able to reassign ownership of a contract. Rekeying the key to a solitary Private Spending Key, a multi-signature key, or a stateless smart contract.
If you are a custody provider, then you can able to store the private keys cold at all times while only needing to manage one public address key, you can give more control to your users to manage their private key and you can improve your level of security by regularly changing your private key.
If you see Rekeying is an innovative way to protect your asset and Rekeying will save your huge time and transactions fees because every time you create a new wallet it not only takes some time but also takes some transaction fees during fund relocation. The feature Rekeying is only available in Algorand for now using which you can enable another security layer to your funds.
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