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socks5 proxy for ALL transmitted data?

I have a question about the ability to encrypt all transmission to and from a wireless provider and/or to and from an open WiFi router. It seems to me that one could setup a server on a home computer. Your smartphone should be able to send an encrypted message to your server via socks5 proxy, have your server decrypt it, process the information (be it a webpage, or any app that uses the wireless internet access), receive the response, the server then encrypts your data and sends it to your smartphone, and finally the smart phone decrypts the data.

This means the smartphone can safely use any open wireless connection without worrying about sending private information over open networks like in a hotel. I am wondering if anyone knows of any academic ACM papers written about this process or maybe something close.

I also want to know if this type of encryption is possible directly through your service provider or if any such measures can be taken to secure and encrypt your data over public internet connections.

Encryption of data on the smartphone itself is beyond the scope of my question.

I appreciate any help you can provide.
 
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