Ethereum: Basics – what are open transactions?
As for the cryptomena and blockchain technology, it is necessary to understand the foundations. In this article, we dive into the concept of open transactions in Ethereum and investigate what they mean and how they work.
What are open transactions?
Open transactions are the basic building block of the Ethereum network network, allowing users to send value between accounts without the need for intermediaries, such as banks or payment processors. Unlike traditional transactions that require permission of the central body, open transactions operate independently of blockchain.
How do open transactions work?
In the public book of Ethereum, any transaction is recorded as an event consisting of four main components:
- Z : Sender address.
- DO : Recipient address.
- Value : The amount converted.
- HASH : A unique transaction identifier.
When the user initiates an open transaction, he creates a new event and adds it to the blockchain. This process is called “financing” of an open transaction. After funding, the transaction can be broadcast to a network that verifies its validity and ensures that all required signatures are present before moving forward.
Key benefits of open transactions
Open transactions offer several benefits:
* Decentralization : No intermediaries need to be involved in transactions.
* Effectiveness : Transactions are faster and safer than traditional payment systems.
* Security
: The decentralized nature of the blockchain is resistant to censorship and handling.
In conclusion, open transactions are a decisive aspect of Ethereum architecture, allowing users to send value between accounts without relying on external intermediaries. By understanding how open transactions work, you can appreciate the basic technology that drives this innovative digital menu.