Web3bridge Students (cohort 11) Share What They’ve Learned: Transaction

hi I'm sh um I'll be talking about transaction transaction in eim is a cryptographically signed instruction um that takes place on an account and it is used to basically um update the um state of the etherum network from transaction we can see that transaction has various types and they include um um value transfer contract deployment transaction as well as execution of um contract um the value transfer is basically um a form that involves sending um um sending or carrying out an activity from an account and to another um account within the inter Network literally while the um um contract deployment um transaction is literally a form of transaction where um a to is not specified and this literally means you're not sending to um a a an address within the eum network literally so this is basically used in terms of your just as the name is smart contract you're trying to deploy a smart contract on the network um execution of transaction literally is um literally initiating some sort of um um interaction with the um contract that has been deployed so that's literally what the types of um ethereum transactions are then we also have um different components that like build ups um that build up the transaction and we have um um factors such as um from to noun um gas uh gas limits Max um fee priority per gas and um um B of he gas as well so um from literally um expans on where is this where is this transaction coming from so what wallet address or so is it coming from and two specifies who am I sending into just the same way we do in our everyday traditional means of um carrying our transaction within our Mobile Banking um so the nounce is a form of um iterating um variable or counter that keeps check of how many transaction that has been made and it's literally provides a form of um unique ID for every transaction and the gas limit is you specifying a maximum amount that you intend to um um use to carry out that transaction so transaction hash can also be called transaction ID because it is just like a unique identifier that comes with each and every transaction one of those ways with which blockchain you know enables um privacy and sec security with which blockchain achieves that is by using the concept of hashing me private and public but I'm going to be concentrating more on the the hashing on the concept of hashing and it has to do with using you know cryptographic hash function in order to convert transaction datas into a string of fixed lens and once the transaction has been you know converted into a string of of fixed length so gives um it it makes that um transaction to be secure as hashen comes with this um nature of you know when something is being HED it's not going to be reversible again so it gives security to to the data and also is one of those things that the hashing does is is just like to serve as a prove of existence for a particular transaction so through the transaction Ash or the transaction ID you can easily get access you know to the transaction you know the Genesis where it is coming from and also you you know the the the destination so with all this the the data is going to be you know secure and also there's going to be transparency and Trust so after transaction has been has been propagated to the network um it gets it gets caught up it it's it's stored in Meo so it's kind of a queueing so IMM once it's been queued the next thing is that a note pick it up and execute that transaction so once the transaction is executed it's um batched into a block so a it's B alongside other um transactions then B then it's B into a block so that proposal the node that executed fors it to the it fors it to the um to the nodes so what those nodes do is to um they they they run the transactions that are in that um node in that block to make sure that um what the proposal is is U given back to the um to the network is valid so once they do that and it's valid it's okay it's added to the chain to to the chain of blocks so that's the process that's what happens in that sequence it happens in that sequence so the next thing to the next thing is that um to ensure that to ensure that um a block is um um cannot be reversed the more blocks are added the more um the more um the more the blocks are added you know that this um blocks cannot be cannot be reverted um the it cannot there's no rever reversibility that can be happen that can happen again so basically that's what happened so the the more blocks are M I would rather added to the chain the more secured and the more you know that um the transactions are hitting finality so basically that's the entire life cycle for the transactions on the Chain so stay tuned and um like subscribe um to our YouTube channel [Music]