What is Ethereum Transaction?
Let's find out Ethereum Transaction meaning, definition in crypto, what is Ethereum Transaction, and all other detailed facts.
The most simple transaction could be described as transferring Ethereum-based assets from one that happens from one ETH account to the other.
On the Ethereum blockchain, users may conduct three sorts of transactions. A typical transaction in which an Externally Owned Address (EOA) delivers ETH to another EOA. Token transfers are transactions involving ERC-20 or ERC-721 tokens. An internal transaction is an ETH transfer that is facilitated by a smart contract acting as an intermediary.
From a cryptocurrency perspective, an Ethereum transaction is the action that is emphasized by an externally-owned account, controlled by a human and not a contract.
For example, if Stacy sends 5 ETH to Jennifer, her account must be debited and Jennifer's account must be credited. When this state changes, an action is taken in the form of a transaction. Based on Ethereum’s regulations of consensus, the network confirms the transaction as a valid one and then gets added to a block that is then added to the blockchain.
Speaking of terminology, the gas limit is the maximum amount of gas that may be consumed by a transaction. The gas price is the amount of money that the sender will pay for each unit of gas. A nonce is a sequence number that is unique to each sender and must fit the next accessible sequence number.
Furthermore, the value represents the amount of Ether to be sent from the sender to the recipient, which might be zero. In contrast, the receiver is the account address to which the transaction is ultimately transferred.
Finally, the data is an extra arbitrary binary data, where the contract's bytecode is delivered throughout the contract implementation.