An Ethereum transaction is a transfer of value between two Ethereum addresses. Transactions are the most basic part of the Ethereum network.
They are used to send, receive, or store value on the network.
Every transaction is made up of three components:
The sender’s address
The recipient’s address
The amount of value being sent
NOTE: WARNING: Ethereum transactions are complex and involve a number of technical concepts. Before attempting to understand how Ethereum transactions work, it is important to have a basic understanding of cryptocurrency, blockchain technology, and smart contracts. Furthermore, Ethereum transactions can be subject to high transaction fees and require significant computational resources to carry out. Therefore, it is important to research and understand the risks involved before participating in any Ethereum transactions.
When a transaction is made, it is broadcast to the entire network. All nodes in the network will then validate the transaction and add it to their copy of the blockchain.
Once a transaction is added to the blockchain, it is considered to be immutable and cannot be reversed.
The sender of a transaction must pay a small fee to the network in order to have their transaction processed. This fee is known as a “gas fee” and is used to incentivize miners to process transactions on the network.
The gas fee is calculated based on the complexity of the transaction and is paid in ETH.
Once a transaction is broadcast to the network, it will be included in the next block that is mined by a miner. Once a block is mined, the transactions in that block are considered to be confirmed and cannot be reversed.
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