Asymmetric Key Algorithm

What does Asymmetric Key Algorithm mean?

The asymmetric key algorithm is used in cryptocurrencies as a method for generating the unique identifiers known as public keys and private keys. They differ from symmetric key algorithms, where both the sender and receiver have identical keys and can encrypt and keep information secret from third parties, but since they both have the same key they are unable to keep information private from each other. In an asymmetric key algorithm both people have access to the public key, but only one person has access to the private key, assuring that they are the only person able to decode an encryption and in the case of cryptocurrencies it ensures that only one person can receive sent funds.