Ethereum: How transactions get added to a ledger?
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How the transactions are added to a large book: an explanation of Ethereum
As a beginner in the cryptocurrency world, it may be overwhelming to grasp the concepts of blockchain technology and how transactions are executed. In this article, we decompose the process of how transactions are added to a large book on the Ethereum network.
The bases of the blockchain
Before diving into the details of the Ethereum transaction process, let’s review what a blockchain is. A blockchain is a large decentralized digital book that records transactions on a network of computers (nodes). It is essentially a chain of blocks, each containing a set of transactions.
Ethereum and transactions
On the Ethereum network, transactions are recorded in a
Blockchain called « Mainnet » or « ETH Blockchain ». Each block contains a list of transactions, which are verified by nodes on the network. When a new transaction is made, it is added to the next block available in the chain.
The transaction process
Here is how a single transaction is added to a large Ethereum book:
- Creation of transactions
: Alice sends 1 bitcoin to Bob’s public address. This is done using a cryptocurrency payment processor like Coinbase or Bitpay.
- Verification of transactions : The transaction is verified by nodes on the network, ensuring that it meets certain criteria (for example, sufficient funds, appropriate cryptography). This process is called « mining ».
- Creation of blocks : A new block in the ETH blockchain is created with a unique identifier (hash) and contains a list of transactions.
- Blockchain Update : The updated blockchain is broadcast to all the nodes of the network for verification.
Verification of minors
Once a new block is added, it is checked by specialized nodes called minors. Minors use powerful computers to solve complex mathematical problems, which consist in finding a « hash » that corresponds to the previous block in the chain. This process is called
Proof of work (POW).
To create a valid transaction, Alice must:
- Have enough funds on your account.
- Be part of a group called a « committee » (more about this later).
- Complete a specific task or puzzle linked to the use of cryptocurrency.
The role of committees and decentralized governance
The Ethereum network is designed with committees, which are groups of nodes that work together to validate transactions and create new blocks. These committees have different levels of authority, allowing decentralized governance and security.
In summary, the Ethereum transaction process involves:
- Creation of transactions by Alice
- Check by minors
- Creation of blocks and addition to MAINNET
- Update and checking the blockchain
The use of POW ensures that only valid transactions can be added to the big book, while the decentralized nature of the network allows transactions between peers without intermediaries.
I hope this explanation helps you understand how transactions are added to a large Ethereum book!
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