A transaction on the Ethereum blockchain is technically initiated by an external account owner (not a contract). For example, if User A sends 1 Ether
A transaction on the Ethereum blockchain is technically initiated by an external account owner (not a contract). For example, if User A sends 1 Ether (ETH) to User B, the action of debiting from one account and crediting to another changes the blockchain’s state.
The change specifically takes place on the Ethereum Virtual Machine (EVM). Ethereum transactions need to be broadcast to the entire network, and any node can broadcast a request for the execution of a transaction on the EVM.
After broadcasting the request, a validator can then execute the transaction and propagate the state change to the whole network. Transaction fees are incurred during the process of validation, and each transaction must be included in a validated block. There are different types of transactions on the Ethereum network:
- Regular transactions: transactions occurring from one account to another.
- Contract-execution transactions: transactions interacting with deployed smart contracts (the “to” address is a smart contract address).
- Contract-deployment transactions: transactions with no “to” address (the data field is simply used to deploy the smart contract’s code).
How to check the status of an Ethereum transaction
Here’s a brief step-by-step guide on how to track Ethereum transactions:
Step 1: Select an Ethereum blockchain explorer
Some blockchain explorers are specific to Ethereum, such as Etherscan, Ethplorer and EthVM. Others support multiple chains, such as Blockchain.com and Tokenview, among others.
Step 2: Enter the transaction hash into the blockchain explorer’s search field
On Etherscan, for example, the search field is on the top, left-hand corner of the screen next to a dropdown that says “All Filters.” Depending on the tool, a user can search for information based on a wallet address, transaction hash (txid), block, token or domain name.
The txid is a unique identifier attached to a specific transaction. All transactions carried out on-chain, or those to and from external addresses, carry a unique txid found in the transaction details.
Depending on the platform, it can also be called a “hash” or “txn hash.” It usually looks like a string of random letters and numbers. On MetaMask, for example, a user can instantly see the txid upon clicking the “Activity” tab and selecting the transaction.
Other than the txid, traders can also use their public address (a string of 42 characters corresponding to their public account). In this case, they will be taken to an overview of their wallet activities, allowing them to navigate to the specific transaction independently.
Related: Ethereum wallets: A beginner’s guide to storing ETH
Step 3: Click the icon for “search” or “enter” on the blockchain explorer
Step 4: Check if the transaction was successful or not
How to know if an ETH transaction was successful: Details indicating the state of the transaction will appear on the blockchain explorer. If the transaction was successfully validated and is now on the blockchain, it will say “success” or “successful.”
If there are no errors displayed, it means that the transaction was completed successfully. The ETH should be credited to the destination wallet or exchange account within 24 hours of sending.
In the event of an Ether transaction failure, on the other hand, several error messages can appear:
- Error message or symbol: A red exclamation point or an error message saying “bad instruction” or “out of gas” means that the transaction was unsuccessful and the funds did not reach their intended destination. In the case of an “out of gas” error, users can double the gas limit they initially specified and try again.
- Reverted: This pertains to a smart contract user error. It means that the user should double-check the details of the transaction.
- Transaction not found: Either the transaction did not go through or it isn’t appearing on the blockchain explorer yet. Try using another explorer. If it still doesn’t appear on multiple ones, there’s a good chance it did not go through.
- Pending: The transaction is still waiting to be validated or processed, but it was located in the explorer’s transaction pool. Sometimes pending transactions can still be canceled or replaced by a user.
Related: How to sell Ethereum: A beginner’s guide to selling ETH
How long does an Ethereum transaction take to process?
An average transaction on the Ethereum blockchain will typically take between 15 seconds and five minutes to process, depending on several factors. These include the amount paid to process it (transaction fee) and how busy the network is at the time of processing.
Ethereum transitioned from a proof-of-work to a proof-of-stake blockchain after the Merge. However, transaction speeds remain roughly the same. According to the Ethereum Foundation, it’s a common misconception that the Merge drastically sped up transactions.
However, there’s a slight difference, with slots occurring precisely…
cointelegraph.com