WHAT EXACTLY IS A TRANSACTION?
An activity begun by an externally-owned account, that is, an account maintained by a human, rather than a contract, is referred to as an Ethereum transaction. If Bob transfers Alice 1 ETH, for example, Bob's account must be debited and Alice's account must be credited. Within a transaction, this state-changing operation occurs.
A transaction causes a state change, as seen in this diagram.
Diagram borrowed from the Ethereum Virtual Machine (EVM)
Transactions that affect the EVM's state must be broadcast to the entire network. A miner will execute the transaction and propagate the resulting state change to the rest of the network once any node broadcasts a request for a transaction to be conducted on the EVM.
Transactions must be mined to become valid and need a charge. We'll discuss gas fees and mining elsewhere to keep this overview basic.
The following information is included in a submitted transaction:
recipient – the receiver's address (the transaction will transfer value if the account is owned by someone else). If the transaction is for a contract account, the contract code will be executed.)
The sender's signature serves as an identity. When the sender's private key signs the transaction and certifies that the sender has authorised it, this is generated.
value – the amount of ETH that will be sent from the sender to the recipient (in WEI, a denomination of ETH)
data - a field that can be used to store any type of data.
gasLimit – the maximum number of gas units that the transaction can consume. Computational steps are represented by gas units.
maxPriority
FeePerGas - the maximum quantity of gas that can be given to the miner as a tip.
maxFeePerGas - the maximum amount of gas willing to be paid in exchange for a transaction (inclusive of baseFeePerGas and maxPriorityFeePerGas)
A miner's calculation required to complete a transaction is referred to as gas. For this computation, users must pay a fee. The maximum transaction cost paid to the miner is determined by the gasLimit and maxPriorityFeePerGas parameters. More on the subject of gas.
