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It depends on the implementation of each project. The general idea is that the privileged account is removed. For example OpenZeppelin contracts have the function renounceOwnership that sets the zero address as owner. function renounceOwnership() public virtual onlyOwner { emit OwnershipTransferred(_owner, address(0)); _owner = address(0); } Note: ...


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Private key is always private key - the format never changes. There are, however, other ways hows a private key can be derived - for example from a seed phrase. And that format may vary. But if you say you have the private key then it should be the private key - the only thing that might vary in it is whether it has the prefix "0x" in front of it ...


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