How to check an Ethereum transaction
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A transaction on the Ethereum blockchain is technically initiated by an external account holder (not a contract). For example, if user A sends 1 Ether (ETH) to user B, the act of debiting one account and crediting another will change the state of the blockchain.
The change happens specifically on the Ethereum Virtual Machine (EVM). Ethereum transactions must be broadcast to the entire network, and any node can broadcast a request to perform a transaction on the EVM.
After broadcasting the request, a validator can then commit the transaction and propagate the state change to the entire network. Transaction fees are incurred during the validation process, and each transaction must be included in a validated block. There are different types of transactions on the Ethereum network:
- Regular transactions: transactions that occur from one account to another.
- Contract execution transactions: transactions that interact with deployed smart contracts (the “to” address is a smart contract address).
- Contract deployment transactions: transactions without a “to” address (the data field is simply used to deploy the smart contract’s code).
How to check the status of an Ethereum transaction
Here is a short step-by-step guide on how to track Ethereum transactions:
Step 1: Choose an Ethereum blockchain explorer
Some blockchain explorers are specific to Ethereum, such as Etherscan, Ethplorer, and EthVM. Others support multiple chains, such as Blockchain.com and Tokenview, among others.
Step 2: Enter the transaction hash in the blockchain explorer’s search field
On Etherscan, for example, the search field is in the top left corner of the screen next to a dropdown that says “All Filters”. Depending on the tool, a user can search for information based on a wallet address, transaction hash (txid), block, token, or domain name.
Txid is a unique identifier associated with a specific transaction. All transactions performed on-chain, or those to and from external addresses, have a unique txid found in the transaction details.
Depending on the platform, it may also be called a “hash” or “txn hash.” It usually looks like a string of random letters and numbers. On MetaMask, for example, a user can instantly see the txid by clicking on the “Activity” tab and selecting the transaction.
Other than txid, traders can also use their public address (a 42 character string corresponding to their public account). In this case, they will be taken to an overview of wallet activities, allowing them to navigate to the specific transaction independently.
Related: Ethereum Wallets: A Beginner’s Guide to Storing ETH
Step 3: Click the “search” or “enter” icon in the blockchain explorer
Step 4: Check whether the transaction was successful or not
How to know if an ETH transaction was successful: Details indicating the state of the transaction will be displayed on the blockchain explorer. If the transaction was validated and is now on the blockchain, it will say “success” or “successful.”
If no error is displayed, it means that the transaction was completed. ETH must be credited to the destination wallet or exchange account within 24 hours of sending.
In case of an Ether transaction error, however, several error messages may appear:
- Error message or symbol: A red exclamation mark or an error message that says “bad instruction” or “out of gas” means that the transaction failed and the money did not reach its intended destination. In the event of an “out of gas” error, users can double the gas limit they originally specified and try again.
- Reverted: This concerns a smart contract user error. This means that the user should double check the details of the transaction.
- Transaction not found: Either the transaction didn’t go through, or it doesn’t show up on the blockchain explorer yet. Try using a different explorer. If it still doesn’t show up on several, there’s a good chance it didn’t go through.
- Pending: The transaction is still waiting to be validated or processed, but it was located in the explorer’s transaction pool. Sometimes pending transactions can still be canceled or replaced by a user.
Related:How to Sell Ethereum: A Beginner’s Guide to Selling ETH
How long does it take to process an Ethereum transaction?
An average transaction on the Ethereum blockchain will typically take between 15 seconds and five minutes to process, depending on several factors. These include the amount paid to process it (transaction fee) and how busy the network is at the time of processing.
Ethereum transitioned from a proof-of-work to a proof-of-stake blockchain after the merger. However, transaction speeds remain roughly the same. According to the Ethereum Foundation, it is a common misconception that the merger drastically accelerated transactions.
However, there is a slight difference, with tracks occurring exactly every 12 seconds after merging compared to every 13.3. second before merging. Regardless, the change is barely noticeable to most users, as processing still typically depends on network congestion and transaction fees.
When a transaction is initiated, it is logged into Ethereum’s memory pool (mempool) and waits for validators to retrieve it. The mempool acts much like a waiting room where pending transactions are held.
When a validator enters transaction data into a block and adds the block to the blockchain, the transaction is considered complete. It is said to be completed and irreversible after six additional blocks have been mined and placed on top of it.
By checking the status of a transaction, traders can confirm whether their transaction has succeeded or failed and how many blocks have been created since their transaction was added to the chain.
Why should traders check the status of a transaction?
Ethereum participants must pay gas fees to use the network to transfer funds or deploy smart contracts. Fees largely depend on the number of participants waiting to execute transactions at any given time.
Net congestion and demand are thus directly proportional to the transaction costs. When demand is high, costs increase – the opposite is true when demand is low. Either way, checking a transaction’s status helps a trader monitor the costs of using the network.
It can also help users determine if the gas fee they paid is sufficient to get the transaction confirmed. Low gas fees can usually truncate or delay transactions, leaving them pending for long periods, especially during high network load.
Such transactions will remain in processing until the gas charges reach the required minimum charges on the network. If this happens, a user can resubmit the transaction by resubmitting it and increasing the gas fee while ensuring it has the same nonce.
In addition to transaction status, Ethereum blockchain explorers can also reveal the following useful information:
- Timestamp: the date and time the transaction was added to the blockchain.
- Block confirmations: the number of blocks mined since the transaction was confirmed.
- Transaction fee: the fee paid to the miner or validator.
- ETH price: the price of ETH at the time of processing.
- Base Fee: the lowest fee required to trade on Ethereum.
- Gas limit: the maximum amount of gas the sender allocates to process the transaction.
- Nonce: a unique number that marks each transaction performed on a user’s wallet; it increments by one each time a new transaction is sent.
By being aware of the above, traders can stay on top of their ETH transactions and ensure that transactions are processed correctly and quickly. This helps ensure smooth Ethereum transactions when sending and receiving funds or deploying smart contracts. Understanding a transaction’s status can also help users adjust their spending habits and optimize network usage.
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