Transactions
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In BlockDAG, transactions are cryptographically signed instructions that allow accounts to interact with the network. When a transaction is initiated, it updates the state of the BlockDAG ledger, ensuring a secure and verifiable exchange of data or assets.
The most basic type of transaction is transferring BDAG tokens from one account to another. However, transactions in BlockDAG can also trigger smart contracts, deploy decentralized applications (dApps), or execute complex computational tasks.
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In the BlockDAG ecosystem, a transaction refers to an action initiated by an externally owned account (EOA)—an account controlled by a user rather than a smart contract. Transactions are essential for updating the state of the network, whether it's transferring BDAG tokens, interacting with smart contracts, or deploying decentralized applications (dApps).
Once a transaction is submitted, it gets broadcast to the network, where miners execute it and propagate the state changes across all nodes. To ensure security, all transactions must be cryptographically signed by the sender’s private key before they are included in a validated block.
Sender (from): The account initiating the transaction, which must sign it using its private key.
Recipient (to): The address receiving the transaction. If it's an externally owned account (EOA), it transfers BDAG tokens; if it's a smart contract, it executes the contract code.
Signature: A cryptographic identifier confirming the authenticity of the sender and preventing fraud.
Nonce: A sequential counter ensuring each transaction is unique and preventing replay attacks.
Value: The amount of BDAG tokens to be transferred from the sender to the recipient.
Input Data: An optional field used when calling smart contracts, containing encoded instructions for execution.
Gas Limit: The maximum computational work a transaction can perform, preventing excessive resource consumption.
Max Fee Per Gas: The highest amount a sender is willing to pay per unit of gas, ensuring priority in transaction processing.
Transaction Creation: A user initiates a transaction, specifying details such as the recipient, amount, and gas fee.
Signing & Broadcasting: The transaction is cryptographically signed using the sender’s private key and broadcasted to the BlockDAG network.
Validation & Execution: A miner executes the transaction, checks for correctness, and includes it in a validated block.
State Update: The transaction is finalized, updating the network state, and becoming permanently recorded on the blockchain.
In the BlockDAG ecosystem, transactions serve as the foundation for updating network states, executing smart contracts, and transferring assets. BlockDAG supports multiple types of transactions, each designed to facilitate secure, efficient, and scalable blockchain interactions.
Standard Transactions A regular transaction is the most basic type, involving the transfer of BDAG tokens from one externally owned account (EOA) to another. These transactions update account balances and are processed quickly due to BlockDAG’s parallel transaction execution model.
Smart Contract Deployment Transactions
When a user deploys a new smart contract, a transaction is initiated without a recipient address (to field remains empty). Instead, the contract code is included in the transaction’s data field, allowing miners to execute and deploy the contract onto the BlockDAG network. Once confirmed, the contract is assigned a unique contract address that can be interacted with.
Smart Contract Execution Transactions
These transactions are used to interact with already deployed smart contracts. Here, the to address specifies the contract address, and the transaction includes input data that dictates the operation to be performed. This could involve swapping tokens, executing DeFi protocols, minting NFTs, or any other programmable blockchain logic.