📰FRIDDY NETWORK

FRIDDY NETWORK

The foundational components of Friddy are the users, blocks, ledger, and node. In this section, we define the foundational components.

i. Users

Friddy is built on public-key cryptography. Every participant in the Friddy network will have a pair of keys: public-key for identification, and private-key for encryption and authentication. The users in Friddy are identified by their public-key shared with other network participants, while the private-key is kept secret.

ii. Blocks

Blocks maintain records of the user activities by digitally encoding the transactions. The users’ private key, for whom a transaction is performed, is used to digitally sign the transaction. Unlike other cryptocurrencies like Bitcoin, where a block bundles transactions, in Friddy every block contains a single transaction. Therefore, blocks and transactions are often used interchangeably.

iii. Ledger

Every user in Friddy has a ledger to record the sequence of transactions. The ledger in Bitcoin, for instance, is global & shared ledger. Participants of the Bitcoin network agree on the ledger veracity via a run-time consensus (Proof of Work). In Friddy’s block-lattice architecture, the ledgers are non-shared and asynchronous. The consensus is achieved via a design-time agreement - only users can modify their own user-chains. Every participant in Friddy agrees on the ledger veracity, if the user-chain owner signature checks out.

iv. Node

A node is a computer connected to other computers in the Friddy network, which follows Friddy protocol. The node software manages the ledger, and any associated users if applicable. The node can be configured to store the entire ledger, or a pruned version of the last few transactions only of every user-chain. When setting up for the first time, it is recommended to verify the entire history before turning on the pruning.