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Private Key
The part of the key in a public key system which is kept secret and is used only by its owner. This is the key used for decrypting messages, and for making digital signatures. In cryptography, a private key is an encryption or decryption key known only to the verified owner of that Privately encryted Key. Also known as a "secret key cryptography" used to encrypt and decrypt messages. The only risk in this secure system is loss of the the key, breaking the SSL system. A more recent alternative is to use both public and private keys. In this system, a public key is used together with a private key. See public key infrastructure (PKI).
Protocol
A protocol is a procedure, or algorithm carried out by multiple parties. They can be network protocols to ensure reliable transmission and validation of data, or cryptographic protocols to maintain security between the parties.
Public Key
A public key system that is distributed widely, and is unsecure. This is the key used for encryption. Compare private key (decryption).
Public Key Cryptography
A public key cipher uses a key for SSL encryption, so it is different from the one used for decryption. Although the keys are similar, it's impossible to decipher the decryption key from only the encryption key in a short time. This public key system encodes a session key that is used with symmetric systems to encode the actual data. RSA is just one example of a public key algorithm. Others are EPOC (Efficient Probabilistic Public Key Encryption), SSL Key Encryption, and SSH Secure Shells.
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