TL; DR
Transactions are data messages that are cryptographically signed.
Etherscan, Ethplorer and EthVM are examples of the most popular Ethereum blockchain explorers.
Usually, the Ethereum transaction requires 15 minutes and 5 seconds to complete.
Introduction
Currently, there are thousands of blockchains on the market which serve different purposes. Despite such a high number of blockchains there is no doubt that one day you will need to carry transactions on the Ethereum network. This may require you to verify the status of your transaction using an Ethereum blockchain explorer of your choice.
Today, we discuss how to verify transactions on the ETH network. We will also explore the different types of transactions people and smart contracts execute on the Ethereum network.
What is ETH Network?
Many people use the Ethereum network, also called the ETH network, because it hosts many blockchains and decentralized applications. Basically, the Ethereum blockchain, founded by Vitalik Buterin and Gavin Wood in 2015, is one of the largest networks. In terms of market capitalization, it is the second largest network since Bitcoin is the number one ranked blockchain.
Read alsp: What Is Ethereum 2.0? Understanding The Merge
Basically, Ethereum is a decentralized platform that hosts many applications which perform different functions like gaming and SocialFi, among others. Also, there are many decentralized financial applications that exist on it. All these applications and blockchains which the Ethereum protocol hosts use the ETH network to function.
In simple terms, a blockchain is a distributed public ledger that supports various transactions. It is distributed because any computer or node connected to it holds an identical copy of transactions taking place on it.
On the other hand, it is decentralized because there is no single entity or authority that controls it. All the nodes that are linked to it participate in managing it. For example, some of these nodes verify the transactions that take place on the blockchain.
Read also: How to buy Ethereum on Gate.io
What are Transactions?
As explained above, various transactions occur on the Ethereum network. Transactions are data messages that are cryptographically signed. These messages contain some specific instructions. Smart contracts use such instructions to execute certain transactions like sending Ether coins from one wallet address to another. Also, these messages enable users around the globe to interact with each other.
Every time that a network sends a set of instructions or transaction the state of the blockchain changes. The simplest type of a transaction involves transferring coins or tokens between two accounts.
Types of Transactions and Their Details
There are different types of transactions which include regular transactions, contract execution transactions and contract deployment transactions.
Regular Transactions: A regular transaction, also called a normal transaction, occurs when an Externally Owned Address (wallet address) sends some tokens or coins to another Externally Owned Address (EOA). On Etherscan, one of the popular Ethereum blockchain explorers, such a transaction is shown under the Transaction Tab.
Contract Execution Transaction: This occurs when two contract parties agree on the contract’s terms. In other words, it involves fulfilling the terms and conditions of the contract within the established time frame.
Contract Deployment Transaction: This involves the successful deployment of a smart contract on the Ethereum network. In this case, the data field is used to deploy the smart contract code on the blockchain. Let’s look at the information which is included in a transaction.
Transaction Contents
Recipient: This refers to the address that receives the transaction. Signature: This is what identifies the sender of the message. When the sender’s private key signs the transaction the signature is generated. Value: It is the value of the token or coin that is transferred between two accounts. Data: This relates to additional data used when executing a transaction. A bytecode for a smart contract is an example of data. Gas limit: This refers to the exact units which will be consumed for a transaction to be successful. Maximum Priority Fee Per Gas: This relates to the units of gas required to prioritize a transaction. That amount goes to the miner as a tip. Max Fee Per Gas: It is the maximum amount of gas which the user allows to be consumed for a transaction to be successful.
ETH Transaction Life Cycle
The ETH transaction life cycle refers to several steps taken for a transaction to be successful. In other words, it is a series of events that occur when a transaction is submitted. First, the smart contract generates a transaction hash.
Once that is done the transaction is broadcast to the entire network while it is within a pool of other transactions. Then a miner selects it and adds it to the next block. A transaction confirmation shows that it is successful. As a result, other users can view it on the blockchain.
A transaction on the Ethereum network has several possible outcomes. Let’s briefly look at some of these.
Pending: A transaction is pending if it is broadcast but has not yet been validated. If the transaction is taking very long to be approved that could indicate insufficient gas. Therefore, someone should check if he/she has assigned enough ETH to cover for the transaction fee.
Queued: The queued status means that there are other transactions which should be validated before your own. In other words, there are other pending transactions.
Canceled: This means that the transaction cannot be approved for various reasons. This could be due to a null value. Rejected: A transaction can be rejected for several reasons which include illogical code, insufficient gas or bad instruction.
Major Reasons for Checking the Status of Transactions
There are different reasons why a user may need to check the status of his/her transaction. For example, an individual may want to find out the cost of a transaction. This is because a transaction can only become successful if there is sufficient gas.
If the individual has assigned a small gas fee it may take time before the transaction is approved. Therefore, if there is a low gas fee the individual might need to resend the transaction.
Also, a blockchain explorer may broadcast different information which the users may want to know. For instance, it may show the number of blocks that have been mined, transaction fees paid to miners, the price of ETH at the time of mining, the base fee, the maximum gas limit allocated to the user and much more. The users may use such information to ensure that their transactions are validated within a short period.
How to Check an Ethereum Transaction
Step 1: when you want to check the status of an Ethereum transaction the first step is to select the blockchain explorer you want to use. Etherscan, Ethplorer and EthVM are examples of popular Ethereum blockchain explorers.
Step 2: Enter the transaction hash in the search field. Note that the transaction hash is a unique identifier for a specific transaction. Basically, the transaction hash is a string of random numbers and letters.
Some explorers may refer to the transaction hash as “hash” or “txn hash. Usually, the search field is located at the top of the blockchain explorer as indicated in the following image.
 Select the Best Explorer - Cointelegraph
It is also important to note that you can also search for the data you want using the block, wallet address or domain name. Step 3: Once you have entered the transaction hash or any other identifier click on “Search” you find on the blockchain explorer. Alternatively, you can press enter.
 Click Search Button - Cointelegraph
Step 4: Check the status of the transaction The explorer will show the status of the transaction in the transaction summary.
 Check the Transaction Status - Cointelegraph
As you note from the image, certain data such as block mined is displayed. If the transaction has been successful the explorer will write “success” or “successful.”
If the transaction was unsuccessful, you will see a message denoting the type of error such as “bad instruction,” “out of gas” or “reverted.” Alternatively, the result may show another status such as “Pending” or “Transaction Not Found.”
Understanding the Processing Time of Ethereum
In a normal situation a transaction on the Ethereum network takes about 15 minutes and five seconds to complete. However, this depends on several factors such as the amount of transaction fee paid and how busy the ETH network is.
The number of transactions being processed is important because they all go into the Ethereum’s memory pool (mempool) where the validators pick them for validation. Primarily, the mempool acts like a waiting room where pending transactions stay until validated or rejected. The transaction becomes complete if its data is entered into a block which is then added to the blockchain.
What Happens if an Ethereum Transaction Fails?
One reason why transactions on ETH network fails is insufficient gas. However, if a user notices that the gas is less than required, he/she can resubmit the transaction. In this case you can increase the accompanying fee. It is important to ensure that the transaction has the same nonce. When you resubmit a transaction, the validators will approve the most recent one.
Best Way To Transact
If you are not looking to data pack your transaction and simply send tokens to another account, transaction via Gate.io becomes the most stress free option. You simply need to select the token you would like to send, choose the chain it needs to be sent on, and click send. Register with Gate.io to start transacting.
Conclusion
Many crypto lovers have a high chance of using the Ethereum network to make some transactions. The reason is that the blockchain has many decentralized applications. Therefore, they should know how to check the status of their transactions using different Ethereum blockchain explorers.