Overview
In the context of blockchain, a transaction is a signed message that triggers a state change in the ledger. This could be a simple transfer of funds or a complex interaction with a smart contract.
Components
- Sender: The address initiating the transaction.
- Recipient: The destination address.
- Value: The amount of currency being transferred.
- Data: Optional payload for smart contract interactions.
- Signature: Cryptographic proof that the sender authorized the transaction.
Lifecycle
Created -> Signed -> Broadcast -> Validated -> Included in a Block -> Confirmed.