Welcome to our weekly update!
Last week we started working with public and private keys within the Cloud Earning application. While we are creating a new kind of blockchain, that runs and operates on mobile devices, security and safety remain the most important aspect of the Fone Network.
Once a user accesses their wallet, they essentially prove that they are the holder of the private key of that address. Using that key, when a transaction is executed, the Fone Network runs a special function to determine the transaction hash. That hash is created when 5 parts are mixed together: The amount, the timestamp, the To Address, the From Address, and the signature. The signature can only be created by the holder of the wallet, thus ensuring that nobody else can send transactions from their account. This function uses SHA256 encryption.
We have started working on grouping transactions together into a pending queue, and we will share more details about this next week.
Stay tuned for more exciting news and weekly updates!
The Fone Team