Initiating a transaction on the Ethereum blockchain involves an external account owner, rather than a contract. For instance, when User A sends 1 Ether (ETH) to User B, the blockchain’s state changes as the funds are moved from one account to another. This change occurs on the Ethereum Virtual Machine (EVM). To execute a transaction on the EVM, it needs to be broadcasted to the entire network, and any node can request its execution.
Once the request is broadcasted, a validator can execute the transaction and propagate the state change across the network. Transaction fees are incurred during the validation process, and each transaction must be included in a validated block. Ethereum network supports different types of transactions:
1. Regular transactions: These transactions occur between two accounts.
2. Contract-execution transactions: These transactions interact with deployed smart contracts, where the “to” address is the smart contract address.
3. Contract-deployment transactions: These transactions do not have a “to” address, and the data field is used to deploy the smart contract’s code.
To track Ethereum transactions, follow these steps:
Step 1: Choose an Ethereum blockchain explorer. Some options include Etherscan, Ethplorer, EthVM, Blockchain.com, and Tokenview.
Step 2: Enter the transaction hash into the search field of the chosen blockchain explorer. The transaction hash is a unique identifier attached to a specific transaction. It can be found in the transaction details and is usually a string of random letters and numbers. Alternatively, users can use their public address to view an overview of their wallet activities and navigate to the specific transaction.
Step 3: Click the search or enter icon on the blockchain explorer.
Step 4: Check the transaction’s status. If the transaction was successfully validated and added to the blockchain, it will display “success” or “successful.” If there are no errors displayed, it means the transaction was completed successfully, and the ETH should be credited within 24 hours.
In case of an unsuccessful transaction, different error messages may appear:
1. Error message or symbol: A red exclamation point or an error message like “bad instruction” or “out of gas” indicates an unsuccessful transaction. Users can try doubling the gas limit or check the transaction details for smart contract interactions.
2. Transaction not found: This means the transaction did not go through or is not yet visible on the blockchain explorer.
3. Pending: The transaction is waiting to be validated or processed and can still be canceled or replaced by the user.
The average processing time for an Ethereum transaction is between 15 seconds and five minutes. This duration depends on factors such as the transaction fee and network congestion. Although Ethereum transitioned to a proof-of-stake blockchain after the Merge, transaction speeds remained similar. Slots occur every 12 seconds post-Merge compared to every 13.3 seconds pre-Merge.
Checking a transaction’s status is important for traders to monitor the cost of using the network, determine if the gas fee paid is sufficient, and ensure smooth transactions. Ethereum blockchain explorers also provide additional information such as timestamp, block confirmations, transaction fee, ETH price, base fee, gas limit, and nonce. Being aware of this information helps users optimize their network usage and adjust their spending habits accordingly.