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how ethereum transactions work
Transactions on Ethereum involve users generating, propagating, mining, and executing data and value transfer, adhering to decentralized, immutable, and secure principles.
Oct 17, 2024 at 09:24 pm
How Ethereum Transactions Work
Ethereum is a blockchain platform that allows developers to build decentralized applications. Transactions on Ethereum are used to send data and value between accounts.
1. Transaction Creation
A transaction is created by a user who specifies the recipient, the amount of value to send, and a data payload (optional). The transaction is signed by the user's private key.
2. Transaction Propagation
The transaction is broadcast to the Ethereum network, where it is picked up by nodes. Nodes verify the transaction's signature and add it to their mempool, a pool of pending transactions.
3. Transaction Mining
Miners select transactions from the mempool and add them to blocks. Blocks are then added to the Ethereum blockchain.
4. Transaction Inclusion
Once a block is added to the blockchain, the transactions in that block are considered confirmed. This typically takes around 15 seconds.
5. Transaction Execution
The Ethereum Virtual Machine (EVM) executes the smart contracts associated with the transactions. This can include transferring value, creating or modifying data, or triggering events.
Transaction Fees
Transactions on Ethereum require a fee, which is paid to miners for their work. The fee is calculated based on the size of the transaction and the current network congestion.
Gas
Gas is a unit of measurement for the computational effort required to execute smart contracts. Each transaction specifies a gas limit, which is the maximum amount of gas that the user is willing to pay for the transaction.
Nonce
A nonce is a random number that is included in each transaction. It helps prevent replay attacks, where an attacker could resend a transaction multiple times.
Understanding Ethereum Transactions
To fully understand how Ethereum transactions work, it's essential to grasp the following concepts:
Decentralization: Transactions are not processed by a central authority but by a distributed network of computers.
Immutability: Once a transaction is added to the blockchain, it cannot be reversed or altered.
Security: Transactions are cryptographically signed to prevent fraud and ensure the integrity of the network.
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