DEV Community

Cover image for Blockchain - How are transactions carried out?
Nikhil Dhawan
Nikhil Dhawan

Posted on

Blockchain - How are transactions carried out?

Photo by Clint Adair on Unsplash
Hi readers, in this article we will discuss how are the transactions started and carried out for the new transaction and the steps involved in it.

  1. Once you submit any transaction, a backend call is made with the address details.
  2. A transaction object is created at the backend using web3.js which includes the below details:
  • nonce: It is usually called a number only used once.

  • to: The to address which is the receiver.

  • value: The amount which is to be sent from sender to receiver.

  • gasPrice : Amount of Wei user is willing to pay for transaction. Wei is the smaller unit of ether. 1 ETH = 1,000,000,000,000,000,000 wei.

  • gas limit: Maximum units of gas this transaction can consume.

  • v,r,s: these 3 pieces of information are the cryptographic data. this can be used to generate the sender's account address by the sender's private key.

  • So in our case as we will be using the Rinkbey Test network in this series, this transaction object is sent to that network.

  • Now there is a wait time involved in this request to receive the response, which is block time(you can refer to previous articles to terms).

  • Once the block is added success message is received.

So this concludes our steps involved in the transaction. In the next article, we will create our first smart contract on the test network.

Top comments (0)