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Understanding Ethereum Transaction Data
Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (dApps). When a transaction occurs on the Ethereum network, it generates a set of information that includes time, block time, and time received. In this article, we will break down the meaning of each of these terms and how they are presented in the context of Ethereum transactions.
Time
In the context of Ethereum transactions, “time” refers to the timestamp when the transaction was created. This is the Unix timestamp, which is the number of seconds since January 1, 1970 at 00:00 UTC (Coordinated Universal Time). Time is displayed in seconds, without time zone offset.
For example, if a transaction creates a new token on the Ethereum network and has a creation time of 2022-01-01T12:00:00Z, this will be represented as “1643723900”. This timestamp represents when the transaction was created.
Block time
“Blocktime” refers to the delay between the creation of a block (a set of transactions) and its publication on the Ethereum network. A block is generated every 1 minute by the Ethereum Network Hash Function (ENH), which creates a unique digital footprint of all transactions within that block. Blocktime represents the time it takes to publish the next block, after the previous one has been mined.
For example, if a transaction with creation time 2022-01-01T12:00:00Z was included in a block with ENH hash value 1234567890abcdef, and that block was published at 1643723902 (Unix timestamp), the block time would be represented as 1632. This means that it takes 1 minute (or approximately 60 seconds) to mine the next block.
Received Time
“Timereceived” refers to the timestamp when the transaction was “received” or confirmed by the network. This is also known as time-to-confirmation, and is the delay between the creation of a transaction and its acceptance by the Ethereum network.
In the context of the Bitcoind JSON RPC API, which allows developers to interact with the Ethereum blockchain, timereceived is represented as “1632”. This means that if a transaction was created at 2022-01-01T12:00:00Z and received at 1643723902 (Unix timestamp), the network would confirm it approximately 1 minute later.
Example of transaction data
Here is an example of a JSON object representing the transaction information returned by the Bitcoind JSON RPC API:
{
"amount": 0.02,
"blockindex": 45,
"timestamp": 1643723902,
"timereceived": 1632,
"time": 1643723915,
"transactionid": 1234567890abcdef,
...
}
In this example, the transaction data includes:
amount': amount of ETH to be transferred.: Number of the block in which the transaction is included.,timereceivedandtime` represent the time and delay between the creation of a transaction and its confirmation by the network.By understanding these three concepts – time, block time, and time received – developers can better understand how transactions are processed on the Ethereum network and make informed decisions about their own blockchain development efforts.
