Public Keys and Encrypting Transactions

Public Keys

Users encrypt their transactions using a master public key (MPK) and then choose the condition for decryption (the ID). fairyring maintains at most two MPKs at any given time: an ActivePubKey and a QueuedPubKey. Both kinds of MPKs are submitted to the network with expiry block heights. These expiry block heights mark the end of epochs. The ActivePubKey is the one currently being used for encrypting transactions. The QueuedPubKey, as the name suggests, is an MPK that will replace the ActivePubKey once the current ActivePubKey expires. Active and Queued MPKs are generated and replaced at the end of epochs, which are encoded block heights for MPK generation and renewal.

Encrypting Transactions

Unlike normal transactions, encrypted transactions work a bit differently. Users can encrypt any transaction with the current ActivePubKey. The user must also specify the target block height of fairyring (condition) at which the transaction is to be executed on the chain the transaction resides on. The submitted encrypted transaction then resides in the x/pep module of the destination chain.

For more details, refer to this tutorial.