How are nano transactions verified, confirmed or rejected (in technical terms)?
I read the whitepaper from the site and would like to compliment the author, because it's written quite clearly, compared to some of the other white papers I have read that seemingly deliberately try to obscure simple bit important detail with overly academic lingo, looking at you iota.
However, I could not find the detail that explains some of the important aspects of how nano network is secured and I'm very curious to find out some of the inner aspects of how nano actually works. I am a dev, but don't have c++ experience, so I didn't go through the node source code to figure things out.
Could you either direct me to some material I could read or be kind enough to post here about how exactly the transaction confirmation works in Nano?
So far, what I understand is happening is this (please correct me if any of this is wrong): account holder (client) creates a transaction, which happens to be a block of their own that they write to their own local ledger. Then the client transmits this transaction to one (or more?) "representative nodes" which verify that this transfer CAN succeed as there is enough nano in sender's account (based on representative nodes record of this account receiving nano or current amount). If representative confirms the transaction, it will broadcast confirmation to other representative nodes, and if they disagree, then decision will be made to reject the transaction. Once enough (51%) of representative nodes confirm transaction, the transaction is accepted by all nodes. At this point receiver somehow is notified about the incoming transaction and updates it's local ledger.
Is above correct?
I do have a few important followup questions, assuming above is more or less true:
* What happens if you store your private key, but have no transaction history stored. Will you be able to retrieve transaction history at any point from representatives?
* Are representatives required to hold entire history? What happens if say all reps deside to prune,...
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