Transactions

The term transaction refers to the transfer of funds between two accounts. The payload can be binary data or ether.

Blockchain transactions are transfers of value. Transactions are when one person gives another a certain amount of cryptocurrency they own.

For crypto transactions on the blockchain, you need a wallet, a program that keeps track of your crypto and enables you to transact with it, and which is linked to the blockchain. An individual wallet is protected by a special cryptographic method based on a pair of unique but connected keys: a private key and a public key.

For a user to receive funds, a public key (also known as an address) must be shared. Contrary to public keys, private keys must be kept secret, just like the pin number on your bank card, since they authorize the spending of funds.

By using their wallet, users can authorize, sign, and transfer value to new owners. After broadcasting, the transaction is added to the blockchain.

A transaction consists of three main components:

The term transaction refers to the transfer of funds between two accounts. The payload can be binary data or ether.

Blockchain transactions are transfers of value. Transactions are when one person gives another a certain amount of cryptocurrency they own.

For crypto transactions on the blockchain, you need a wallet, a program that keeps track of your crypto and enables you to transact with it, and which is linked to the blockchain. An individual wallet is protected by a special cryptographic method based on a pair of unique but connected keys: a private key and a public key.

For a user to receive funds, a public key (also known as an address) must be shared. Contrary to public keys, private keys must be kept secret, just like the pin number on your bank card, since they authorize the spending of funds.

By using their wallet, users can authorize, sign, and transfer value to new owners. After broadcasting, the transaction is added to the blockchain.

A transaction consists of three main components:

• The input: Alice’s private coin address, where she is currently holding the coins she wants to spend.

• The output: Bob’s public key or coin address.

• Amounts: the amount of coins Alice wants to spend.