How do different transaction types work in Ethereum?

1 answers

• Knowles HornMay 01, 2021 · 4 years ago
  As an expert in the field, I can tell you that different transaction types in Ethereum work in a fascinating way. When you send a transaction, it gets broadcasted to the Ethereum network, where miners compete to include it in a block. Regular transactions involve transferring Ether between addresses, while contract transactions involve executing smart contract code. Once a transaction is included in a block, it goes through a verification process to ensure its validity. This process involves checking the transaction's signature, verifying the sender's balance, and executing the transaction's code if it's a contract transaction. Once the verification is complete, the transaction is considered confirmed and its effects are applied to the Ethereum blockchain. It's important to note that transaction fees, known as gas, are required to incentivize miners to process transactions. So, that's a brief overview of how different transaction types work in Ethereum. If you have any more questions, feel free to ask.
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