In Ethereum, a transaction is defined as “a signed data packet that stores a message to be sent from one address to another address on the Ethereum blockchain.” Transactions are the basis for all interactions on the Ethereum network.
Each transaction consists of:
– The addresses of the sender and recipient
– The value being sent
– A data field (optional)
– A signature verifying the sender’s identity
Transactions are broadcasted to the network and included in the next block. Once a transaction is included in a block, it is considered confirmed.
The number of transactions that can be processed per day on Ethereum depends on a few factors:
– The number of blocks mined per day. On average, there are ~144 blocks mined per day on Ethereum.
– The number of transactions included in each block. The average number of transactions per block is around 2,500.
– Block size. The average block size on Ethereum is around 1MB.
– Transaction size. The average transaction size on Ethereum is around 500 bytes. .
Assuming all blocks are full and there are no empty blocks, we can calculate that the maximum number of transactions that can be processed per day on Ethereum is: 144 blocks x 2,500 transactions x 500 bytes = 36,000,000 bytes or ~36MB per day.
However, in practice, not all blocks are full and there are often empty blocks. This means that the actual number of transactions that can be processed per day will be higher than 36MB.