Transactions in the ethereum network is usually done with a wallet software which is a light node(Computer) that connects with the ethereum network inorder to broadcast a transaction to the network for recording keeping and updating the network state.

A blockchain wallet stores your private key, public key, and blockchain address, and communicates with the blockchain network. This wallet software can run on a computer or a mobile phone or a dedicated hardware device. The wallet software allows for user-authentication and the management of tokens. With a wallet software one can send tokens and inspect the receipts of tokens that were sent to you. Every time you send Ethereum tokens, you need to use a wallet to sign the transaction with your private key. Subsequently, your personal balance of tokens is adjusted on all copies of the ledger, which is distributed across the P2P network of computers.

In order to describe how to use a wallet, We will make use of Metamask. It's a very popular crypto wallet. We can install it from app stores on your phones or as an extension on your Pc's browser. After installing, You import an account if you have a private key or create a new one, You will then be propmted to copy your secret recovery phrase and store offline in a safe and secure place as anyone who has them can access your account and steal your tokens.

It's very important to remember always that you shouldn't share your secret recovery phrase or private key with anyone or organization.

Below we will make a transaction to another account. We will transfer 300 FST Tokens from account 1 to account 2.

Previous

Next

View your personal transactions on the ethereum network in the explorer page by copying your transaction hash and pasting it into the input field and submitting.

Running transactions, calling contracts, signing messages, etc are all operations that are run on the ethereum network. These operations require different amount computational power depending on the computational stress of the operation on the blockchain. The cost for the computational stress on the blockchain by an operation is measured in a unit called Gas.

After making the transaction, You and everyone on the ethereum network have access to the transaction and its details. We will explain all details of the transaction below:

• nonce

  The nonce is a special number that makes each transaction unique. It is only used once and helps prevent the same transaction from being sent again by accident or on purpose. In some blockchains like Ethereum, the nonce also helps keep track of the order of transactions for each user.

• from

  the senders address

• to

  the receivers address address

• amount

  amount of tokens to transfer from sender to recipient

• gas limit

  maximum amount of gas units that can be consumed by an operation(Eg: transactions, signing..) on the network

• gas used

  the amount of gas units that was consumed for the operation

• base fee

  the amount in gwei(denomination of the ether token) for a single unit of gas. simply the price of gas

• priority fee (aka: minerTip)

  the maximum amount of gas to be included as a tip to the validator

• total gas fee

  the total amount of gas in gwei used for the operation

• max fee per gas

  the maximum amount of gas willing to be paid for the transaction (inclusive of Base Fee Per Gas and Priority Fee Per Gas)