An external account owner, rather than a contract, is responsible for initiating a transaction on the Ethereum blockchain. For instance, when User A sends 1 Ether (ETH) to User B, the blockchain’s state changes as the funds are debited from one account and credited to another. This change occurs on the Ethereum Virtual Machine (EVM). To execute a transaction on the EVM, it must be broadcasted to the entire network, which can be done by any node. The validation process incurs transaction fees, and each transaction must be included in a validated block. There are different types of transactions on the Ethereum network, including regular transactions, contract-execution transactions, and contract-deployment transactions.
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, also known as the txid, is a unique identifier attached to a specific transaction. It can be found in the transaction details and usually appears as a string of random letters and numbers. Alternatively, users can search using their public address, which leads to an overview of their wallet activities.
Step 3: Click the search or enter icon on the blockchain explorer.
Step 4: Check the status of the transaction. If the transaction was successfully validated and added to the blockchain, it will be labeled as “success” or “successful.” If there are no errors displayed, it means the transaction was completed successfully. The ETH should be credited to the destination wallet or exchange account within 24 hours. If the transaction failed, error messages such as “bad instruction,” “out of gas,” or “transaction not found” may appear. In such cases, users can double-check the transaction details or try using a different explorer.
The processing time for an Ethereum transaction typically ranges from 15 seconds to five minutes, depending on factors like transaction fee and network congestion. Despite Ethereum’s transition from proof-of-work to proof-of-stake, transaction speeds have remained largely unchanged. After initiating a transaction, it enters Ethereum’s mempool and waits for validators to include it in a block. The transaction is considered complete and irreversible after six additional blocks have been mined and added to the chain.
Checking a transaction’s status is important for Ethereum traders as it allows them to monitor the cost of using the network. Gas fees, which determine the transaction costs, can vary depending on network congestion and demand. By checking the status, traders can ensure that their transactions are confirmed and adjust their spending habits accordingly. Ethereum blockchain explorers also provide additional information such as the transaction timestamp, block confirmations, transaction fee, ETH price at the time of processing, base fee, gas limit, and nonce. Understanding these details helps users optimize their network usage and ensure smooth transactions when sending or receiving funds or deploying smart contracts.