⬛ETHEREUM TRANSACTIONS concepts
· definition
· transactions are for humans!
· the changed state in the EVM
· transaction information
· transaction types
· gas
· transaction lifecycle
Source: Ethereum docs.
↓
· definition
· transactions are for humans!
· the changed state in the EVM
· transaction information
· transaction types
· gas
· transaction lifecycle
Source: Ethereum docs.
↓
DEFINITION
What is a transaction on the Ethereum network?
A Transaction is a cryptographically signed instruction from accounts.
An account will initiate a transaction to update the state of the Ethereum network.
A common transaction is transferring ETH from account A to B.
What is a transaction on the Ethereum network?
A Transaction is a cryptographically signed instruction from accounts.
An account will initiate a transaction to update the state of the Ethereum network.
A common transaction is transferring ETH from account A to B.
TRANSACTIONS ARE FOR HUMANS!
A transaction refers to an action initiated by a human who owns an externally-owned account.
Example:
Alice sends ETH to Bob
A -----> B
This causes a change of the state on the EVM (Ethereum Virtual Machine).
A transaction refers to an action initiated by a human who owns an externally-owned account.
Example:
Alice sends ETH to Bob
A -----> B
This causes a change of the state on the EVM (Ethereum Virtual Machine).
THE EVM STATE CHANGE
A transaction modifies the state of the EVM and so it requires a fee cost to be valid and be broadcast through the whole network. A miner will take care of it.
ANY node can broadcast a request for a transaction to be executed on the EVM.
A transaction modifies the state of the EVM and so it requires a fee cost to be valid and be broadcast through the whole network. A miner will take care of it.
ANY node can broadcast a request for a transaction to be executed on the EVM.
INFO
- recipient: receiving address
- signature: sender ID
- value: ETH amount to transfer
- data: arbitrary data (optional)
- gasLimit: max gas units that can be consumed by the transaction
- maxPriorityFeePerGas: max tip to the miner
- maxFeePerGas: max gas willing to be paid
- recipient: receiving address
- signature: sender ID
- value: ETH amount to transfer
- data: arbitrary data (optional)
- gasLimit: max gas units that can be consumed by the transaction
- maxPriorityFeePerGas: max tip to the miner
- maxFeePerGas: max gas willing to be paid
TRANSACTION TYPES
There are different types of transactions:
- regular: a wallet-to-wallet transaction.
- contract deployment: a transaction without a recipient address. The data field is used for the contract code.
There are different types of transactions:
- regular: a wallet-to-wallet transaction.
- contract deployment: a transaction without a recipient address. The data field is used for the contract code.
GAS
Each transaction requires a fee.
Gas is the unit for the computational effort required to execute specific operations on the Ethereum network.
Ethereum transaction requires computational resources to execute.
Gas refers to the fee required for a successful transaction.
Each transaction requires a fee.
Gas is the unit for the computational effort required to execute specific operations on the Ethereum network.
Ethereum transaction requires computational resources to execute.
Gas refers to the fee required for a successful transaction.
TRANSACTION LIFECYCLE
- cryptography generates a hash.
- transaction broadcasts to the network and is included in a transactions pool.
- transaction is picked by a miner to be verified.
- transaction will receive confirmations.
- recent blocks re-organization.
- cryptography generates a hash.
- transaction broadcasts to the network and is included in a transactions pool.
- transaction is picked by a miner to be verified.
- transaction will receive confirmations.
- recent blocks re-organization.
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