Can someone explain in layman term, why the transaction needs to be signed and the role of public key, private key in transaction signing process. From what I have read so far:
- When user creates a new Account, specifies passphrase. Privatekey is generated and stored in keystore file. (encrypted using passphrase).
- When sending transaction, Passphrase is used to decrypt the keystore and retrieve private key.
- Private key is used to sign transaction. Signed transaction is published by the node.
- Receiving node uses public key (how other nodes get public key?) to verify
signature. If valid, transaction is processed.
Pls let me know if above understanding is correct and help to understand questions raised in the workflow.