Timeline for How does transaction is encrypted and decrypted? Should all the peers hold the public key of every other peer?
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| Jun 22, 2017 at 10:04 | comment | added | atfornes | @BudhadityaDutta, you are right, transactions are signed with the private key, but only the corresponding public key is needed to verify the signature (see Asymetric Cryptography Signatures for more about this). A contract can only perform transactions following its own coded rules. Therefore no signature is needed for a contract transaction. For instance, if a contract says that after receiving an address as parameter of its gift method, it gives 1 ether to that address if it has enough funding, the peers can verify that the contract have enough funds and then send the ether to the address. | |
| Jun 22, 2017 at 6:02 | comment | added | Budhaditya Dutta | Whenever a transaction is made, its only signed by the private key. This is required to verify the authenticity of the sender (to prevent fraudulent entries). Is it the correct concept ? If so then how the signing process happens.Can I have a little deep explanation on it. | |
| Jun 20, 2017 at 11:34 | history | edited | atfornes | CC BY-SA 3.0 |
Fix bullet points format
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| Jun 20, 2017 at 11:23 | history | answered | atfornes | CC BY-SA 3.0 |