CRYPTOCURRENCY
Ethereum: How to redeem a basic Tx?
Redemption of Basic Transaction (Tx) on Ethereum
Ethereum, the second largest cryptocurrency by market capitalization, is a decentralized platform that enables the development of smart contracts and decentralized applications (dApps). To interact with the Ethereum network, users must send transactions, also known as “tx,” between nodes. In this article, we will focus on redeeming a basic transaction (Tx) using the Ethereum protocol.
Understanding Raw Transaction
A raw transaction is an immutable binary data that represents a single action or message on the Ethereum network. The format of the raw transaction is as follows:
01000000
01
26c07ece0bce7cda0ccd14d99e205f118cde27e83dd75da7b141fe487b5528fb
00000000
8b
...
In this format, “01000000” is the first byte of the transaction header, followed by a 1-byte identifier (in this case: “26c07ece0bce7cda0ccd14d99e205f118cde27e83dd75da7b141fe28f7b”). The next byte (00000000) is the transaction signature, which is used to verify the authenticity of the transaction. The remaining bytes are the main body of the transaction.
Basic Transaction Redemption (Tx)
To redeem a basic transaction, follow these steps:
- Prepare transaction: Make sure you have the raw transaction data on hand. This data can be generated through mining or other means.
- Create new Ethereum address
: Create a unique Ethereum address to receive the transaction. This address is used to store and manage your funds.
- Create signed transaction
: Use a digital signature algorithm (e.g. ECDSA) to sign the raw transaction data with a private key. This ensures that the transaction was authorized by you, the sender.
- Transaction hash: Create a SHA-256 hash of the signed transaction using your public key. This provides a unique identifier for the transaction and prevents manipulation.
- Combine components: Concatenate the raw transaction data with the signed transaction digest to create the complete transaction.
Example
Let’s say you want to redeem a basic transaction that involves transferring 1 Ether (ETH) from the Ethereum address 0x1234567890abcdef' to an unknown recipient.
01
26c07ece0bce7cda0ccd14d99e205f118cde27e83dd75da7b141fe487b5528fb
00000000
8b
...
01000176b50f4ed9b56aebdc4a71c5fc74e2bf6df3be42f34d9afdb98e1bc0abea
01
26c07ece0bce7cda0ccd14d99e205f118cde27e83dd75da7b141fe487b5528fb
00000000
To redeem your transaction, you need to do the following:
- Create a new Ethereum address 0x…` and sign the raw transaction data with your private key.
- Extract the transaction signed with the public key to get a unique identifier (e.g. 0x…).
- Combine components: connect the raw transaction data with the signed transaction digest.
Check
To verify the success of the redemption process, you can use Ethereum Validator (also known as Beacon Chain) or other tools to view transaction history. These tools provide detailed information about each transaction, including sender, recipient, date and time, and amount transferred.
By following the steps below, you can successfully redeem a basic transaction on the Ethereum network using your private key and public key. Always ensure that your transactions are safe and transparent by verifying their authenticity through trusted sources.
