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Introduction: What are Private Keys?

Blockchains use various encryption algorithms. A crucial part of the encryption is a so-called private key, which amongst other things is used to authenticate a specific user on a blockchain. Thus it is easier and more secure to validate a transaction. A private key is a long, random string of letters and numbers. This string can be more than 80 characters long, which means that the number of different private keys is higher than the number of atoms in the universe. Whoever wants to test this for himself can visit the following website and try to come up with a private key that already has been used by somebody: https://keys.lol/ethereum/2.
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What is INATBA?

INATBA is the International Association of Trusted Blockchain Applications. The project was originally initialized by the European Commission in Brussels, European Union. Since then more than 100 companies – from startups to corporates – have joined the association. Although INATBA’s roots have been politically motivated, the association itself is not related to any political party or group. The administrating board of directors is solely set by people who are working in companies.
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Since the rise of Bitcoin and its distributed ledger technology, known as Blockchain, many more Blockchains have entered the playground. Ethereum is one of the best-known Blockchains for its ability to create smart contracts, which are basically if-then-conditions. Other popular Blockchains are IOTA, EOS, Cardano, Tron, NEO and many more. Due to several different technologies, interoperability between them is nearly non-existing. Hence, some first few signs of progress have been made recently by Bitcoin and Litecoin (who essentially share 99% of the same DNA), which can automatically swap each cryptocurrency for each other.

Taking this fact into consideration, it’s no surprise that the whole market is lacking standardization. Nearly all Blockchains are isolated by each other, using different kinds of smart contracts, token and collectibles concepts. Even Ethereum, the market leader, does not yet have standard programming for collectibles, which makes it hard and time-consuming to trade different collectibles between apps. It’s like the Internet before TCP and HTTP became the standard of communication on the Internet. Before that, everything had been chaos and many websites simply ran in isolated systems, called Intranet. Sounds familiar to the Blockchain Status Quo?

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Rolled-out in 2015 by the Russian-Canadian programmer Vitalik Buterin, Ethereum today is one of the largest P2P (peer-to-peer) network. It is a platform used by developers to create coded self-executing contracts between the buyers and sellers called ‘Smart Contracts’ that are not controlled by any entity. These are published and run on Ethereum’s own public blockchain, which is universally accessible and verifiable, hence ensuring protection from frauds or misuse by third parties.
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