How does Fabcoin work?

Here's a basic rundown of how Fabcoin operates!

The basics

Foundation Blockchain

The foundation blockchain is a shared public ledger on which the entire Fabcoin network relies. All confirmed transactions are included in the main blockchain. Fabcoin wallets calculate their balance. New transactions are verified by the blockchain ledger so that fabcoins are spent by spender who actually own enough fabcoins. The accuracy and chronological order of the blockchain ledger are enforced with cryptography.The FAB network also has annex chains which host transaction networks between specific participants. Transactions that occur in the annex chains are packaged together and still sent to be verified on the foundation blockchain. This process allows for the great speed of the FAB network and prevents the foundation chain from becoming slow from too many transactions.

Transactions

A transaction is a transfer of value or data between Fabcoin wallets that gets included in the blockchain. When you are sent fabcoin, it is sent to your public key. Public keys are similar to account numbers. Fabcoin wallets have a piece of data called a private key, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. You should view your private key like a PIN number for your bank account. The signature also prevents the transaction from being altered by anybody once it has been issued.All transactions are broadcast between users and usually begin to be confirmed by the network in the following 75 seconds, through a process called mining. Fabcoin has other great features such as interoperability with other blockchains like Ethereum or Bitcoin.

Mining

Mining is a consensus system between fabcoin nodes that is used to confirm transactions by including them in the blockchain. Once included, the transactions cannot be altered or changed. It enforces a chronological order in the ledger, maintains the trust and decentralization of the network, and allows different nodes to agree on the state of the system. To be confirmed, transactions are packaged into a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified as doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the blockchain. This way, no individuals can control what is included in the blockchain or hacks parts of the blockchain to double spend.

Read on

This is just a basic overview of the system. If you want to learn more, you can read the original paper that describes the system's design, read the developer documentation