You guys are here to know about the topic “How to check an Ethereum transaction.” Before exploring that, we are just giving a brief introduction to Ethereum transactions.
Ethereum transaction is a fundamental action that involves the transaction of Ether or interacting with a smart contract on the Ethereum network.
Key components of a transaction
1. Transaction hash
The transaction hash is the unique identifier for the transaction, which can be used to check details on the blockchain.
2. Sender address
This is an Ethereum address from which the transaction has been initiated.
3. Receiver address
The receiver address is the value of the smart contract that will be interacted with.
4. Value
Value is the amount of Ether that has been transferred.
5. Gas
Computational work is needed for the transaction process and the unit of measure for computational work is called gas. A fee will be included in this, which compensates miners for validating and adding the transaction to the blockchain.
6. Gas limit
This is the maximum amount of gas that can be used by a transaction.
7. Gas price
The price that a sender pays for each unit of gas to hearten miners to include the transaction in a block.
8. Nonce
Nonce is a unique number that ensures transactions are processed in order and prevents double-spending.
9. Data
For any transactions that involve smart contracts, that include instructions or payloads that specify what action the contract should perform.
How do you check Ethereum transactions?
Follow these steps to check Ethereum transactions:
Step 1
A transaction hash will be received after initiating a transaction. This hash is provided by the wallet or platform used to create the transaction.
Step 2
Use blockchain explorers, which are employed to explore the Ethereum blockchain, to view transaction details, and also to track the status. You can try out some popular Ethereum blockchains, such as Etherscan, Etherchain, and Blockchain. Detailed information about the transaction can be collected from any of the above-mentioned platforms by entering the transaction hash.
Step 3
Review the details you have retrieved from that platform, verify the accuracy of the transaction, and make sure that has met your expectations.
Step 4
Check on the transaction status. The transaction details may show statuses like pending, successful, and failed. Pending means the network is still processing the transaction. If the status is showing successful, it means the transaction has been included in a block and also executed, whereas the status failed means, an error has happened with the transaction, this might be because of insufficient gas or any issue encountered with the smart contract code.
Duration of Ethereum transaction
The Ethereum transaction depends on several factors, such as network congestion, the complexity of the transaction, and the ETH gas price. Transactions can happen within seconds or sometimes within minutes. Sometimes 30 transactions happen in one second, however, if there is any high network activity, transactions might take time.
Are there any tools to monitor Ethereum transactions? Why not? There are several tools that will assist investors in monitoring the Ethereum transactions. The tools will provide real-time updates and additional features for the transaction.
- MyEtherWallet (MEW): MEW is a web-based wallet that is used to manage Ethereum transactions. The wallet has an intuitive interface that provides transaction-tracking features. It can also personalize fees for faster transactions.
- Metamask: This is a renowned Ethereum wallet and browser extension that is utilized to manage Ether and interact with decentralized applications. Transaction history and any notifications regarding the history are also provided.
- Etherscan Mobile App: This mobile application can be installed on both Android and iOS devices. Users can check Ethereum transactions and receive push notifications for transaction updates from this App.
Also Read: What Are Crypto Payment Gateways? An Overview Of How They Work
Final thoughts
Ethereum transactions might appear more intricate than Bitcoin transactions. Each transaction will have a deposit, a set of addresses, and the destination for the funds. Ethereum transactions will help you to get on-time notifications and ensure that the transactions are processed on time. If you are able to know about the transaction status, that will be helpful in adjusting your spending habits, and utilizing tools to monitor Ethereum transactions will make your transaction journey much easier. Information such as transaction history, balance amount, and wallet addresses will be provided by the Etherum-based tools.