CoolCode - Solidity/Ethereum Blockchain Technology

CoolCode - Solidity/Ethereum Blockchain Technology Solidity/Ethereum Blockchain Development

What is a transaction?A transaction involves several steps when you're sending funds to someone. Here's how it works:1. ...
25/03/2025

What is a transaction?

A transaction involves several steps when you're sending funds to someone. Here's how it works:

1. **Clicking "Send"**: When you click the send button, the webpage collects the recipient's address and sends it to an internal server.

2. **Node.js Backend**: This backend server, built using Node.js, handles the task of taking the address and transferring the funds.

3. **Web3 Library**: The server uses the Web3 library to create a transaction object. Here's what goes into that transaction:
- **Nonce**: The number of transactions sent by the sender.
- **To**: The recipient’s account address.
- **Value**: The amount of funds you wish to send.
- **Gas Price**: The price of gas for the transaction.
- **Gas Limit**: The maximum gas the transaction can consume.
- **v, r, s**: These are cryptographic elements of the transaction, including the sender's private key. Once signed, the transaction cannot be reversed, ensuring it’s legitimate.

4. **Final Step**: The backend server sends the transaction to the network via Web3, where it is broadcasted for processing.

Transactions ensure secure and legitimate transfers of funds within the blockchain ecosystem.

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