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Key generation from the randomness of wireless channels is a promising alternative to public key cryptography for the establishment of cryptographic keys between any two users. This paper reviews the current techniques for wireless key generation. The principles, performance metrics and key generation procedure are comprehensively surveyed. Methods for optimizing the performance of key generation are also discussed. Key generation applications in various environments are then introduced along with the challenges of applying the approach in each scenario. The paper concludes with some suggestions for future studies.