Transaction Lifecycle
Transaction Lifecycle
Creation:
A user initiates a transaction by signing it with their private key.
The transaction includes inputs, outputs, gas limit, gas price, and a nonce.
Broadcasting:
The signed transaction is broadcast to the network nodes.
It enters the Mempool, a collection of all unconfirmed transactions.
Validation:
Nodes validate the transaction:
Syntax and Format: Ensuring the transaction adheres to protocol specifications.
Signature Verification: Confirming the authenticity of the sender.
Nonce Verification: Checking that the nonce is correct to prevent replay attacks.
Gas Limit and Fees: Ensuring the sender has sufficient balance to cover costs.
State Checks: Verifying the sender's account balance and contract state.
Inclusion in a Block:
Miners select transactions from the mempool based on gas price (fees).
Transactions are ordered and included in the candidate block.
Mining and Block Propagation:
Miners solve the PoW puzzle to create a new block.
The new block is broadcast to the network.
Nodes validate the block and update their local copy of the blockchain.
Confirmation:
Once a transaction is included in a block and that block is accepted by the network, the transaction is considered confirmed.
Due to rapid block times, confirmations occur within seconds.
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