If you read WordPress Nonces in Codex, they have explained it pretty fairly. some of the key points are:
- always assume Nonces can be compromised.
- Nonces are a hash made up of numbers and letters.
- WordPress Verifies any https request with both
noncesanduser cookies.
I believe point #3 is, in short, is how it works with WordPress. They have mentioned that use current_user_can() function instead of wordpress nonces.
As for the purpose, I believe, it serves basic purpose of multilayer security. Read this Are Nonces Useless
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