The whole process of encryption sounds useless to me. Miners/validators and full nodes need to verify each transaction. They need two pieces of information:
- The original transaction data
- The encrypted version of its hash.
But why is encryption necessary?
The signer uses his/hers private key to encrypt the transaction data and broadcast the public key into the network, so it's fair to assume a large population of people in the network have access to their public key so everyone can decrypt the transaction data.
If everyone can verify and decrypt, why bother encrypting the transaction data in the first place?
My source is Chainlink: