In cryptography, a key is a piece of information (a parameter) that determines the functional output of a cryptographic algorithm. For encryption algorithms, a key specifies the transformation of plaintext into ciphertext, and vice versa for decryption algorithms. Keys also specify transformations in other cryptographic algorithms, such as digital signature schemes and message authentication codes.
In designing security systems, it is wise to assume that the details of the cryptographic algorithm are already available to the attacker. This is known as Kerckhoffs' principle — "only secrecy of the key provides security", or, reformulated as Shannon's maxim, "the enemy knows the system". The history of cryptography provides evidence that it can be difficult to keep the details of a widely used algorithm secret (see security through obscurity). A key is often easier to protect (it's typically a small piece of information) than an encryption algorithm, and easier to change if compromised. Thus, the security of an encryption system in most cases relies on some key being kept secret.
Trying to keep keys secret is one of the most difficult problems in practical cryptography; see key management. An attacker who obtains the key (by, for example, theft, extortion, dumpster diving, assault, torture, or social engineering) can recover the original message from the encrypted data, and issue signatures.
Keys are generated to be used with a given suite of algorithms, called a cryptosystem. Encryption algorithms which use the same key for both encryption and decryption are known as symmetric key algorithms. A newer class of "public key" cryptographic algorithms was invented in the 1970s. These asymmetric key algorithms use a pair of keys —or keypair— a public key and a private one. Public keys are used for encryption or signature verification; private ones decrypt and sign. The design is such that finding out the private key is extremely difficult, even if the corresponding public key is known. As that design involves lengthy computations, a keypair is often used to exchange an on-the-fly symmetric key, which will only be used for the current session. RSA and DSA are two popular public-key cryptosystems; DSA keys can only be used for signing and verifying, not for encryption.