Understanding Transaction IDs in Ethereums

When you send cryptocurrencies like Bitcoin to another user on a blockchain network like Ethereum, you create a unique transaction that contains several important pieces of information. Among them is the transaction ID (TXID), also called the “transaction hash.” In this article, we’ll take a closer look at what each component means and how it’s used in Ethereum transactions.

What is a transaction hash?

A transaction hash is a fingerprint or unique identifier assigned to each Bitcoin transaction on the blockchain. It’s essentially a 66-word hexadecimal string that represents all the transaction data. The hash function takes transaction data (including sender, recipient, amount, and other details) as input and generates a fixed-length output.

How ​​is the transaction ID created?

When you create a new Bitcoin transaction on Ethereum using the eth_sendTransaction command line tool or the Web3.js library, the system generates a unique transaction hash based on the following factors:

• Incoming address

  

  : the public key and the sender address.

• Outgoing addresses: the recipient(s) of the payment.

• Value: the value transferred (in this case, the value of Bitcoin).

• Timestamp: the current timestamp in seconds since January 1, 1970.

The transaction hash is generated using a cryptographic algorithm that takes these inputs as input and produces a fixed-length output. This ensures that each transaction has a unique and immutable fingerprint.

Is the hash in the transaction LHS the same as the TXID?

No, the hash shown on the left-hand side (left) of a Bitcoin transaction is not the same as the transaction ID (TXID). Although both are hexadecimal strings, they have different structures and contents. The TXID is usually 66 characters long and can be more or less long.

For example:

• Transaction hash: 0x1234567890abcdef

• Transaction ID: 0xf4f43a8e7c9485cd

The hash in LHS is a fixed-length output that represents all the transaction data, while the TXID is a shorter, more descriptive string that indicates the specific details of the transaction.

In summary

In summary, the transaction ID (TXID) in an Ethereum transaction is a unique fingerprint created by the system based on the input address, value, timestamp, and cryptographic hash. The hash shown in the transaction’s LHS does not match the TXID. Understanding these concepts is critical to working with Bitcoin transactions and interacting with the Ethereum network.

Code example

Here is a JavaScript example that uses the Web3.js library to generate a simple Bitcoin transaction:

“Javascript

const web3 = require(‘web3’);

const address = ‘0x1234567890abcdef’;

const txHash = new Uint8Array(66);

txHash[0] = 0; // Input address (0x00000000)

txHash[1] = 0; // Input address (0x00000001)

// …

const transaction = {

from: ‘0x1234567890abcdef’,

to:Address,

value: ‘1.2 Bitcoin’,

timestamp: Math.floor(new Date().getTime() / 1000),

};

web3.eth.sendTransaction(transaction, (error, result) => {

if (!error) {

console.log(‘TXID:’, txHash.join(”));

} else {

console.error(error);

}

});

“

This code generates a simple Bitcoin transaction with the recipient address “0x1234567890abcdef”. The resulting TXID is printed to the console.

I hope this explanation helps! Please contact us if you have any further questions or need further clarification.