For exploring an Ethereum transaction, a blockchain explorer is an essential tool, wherein the transaction hash enables one to access specifics such as sender and receiver details and gas charges.

An Ethereum blockchain transaction is typically kick-started by an external account owner (excluding a contract). To illustrate, when User A transfers 1 Ether (ETH $1,879) to User B, the action of debiting and crediting between accounts alters the state of the blockchain.

The modification transpires specifically within the Ethereum Virtual Machine (EVM). Ethereum transactions necessitate broadcasting across the entire network, and any node can disseminate a request for executing a transaction on the EVM.

Once the request is broadcast, a validator executes the transaction and propagates the state change across the network. Transaction fees arise during validation, and every transaction must be encompassed within a validated block. Ethereum network transactions come in diverse forms:

• Regular transactions: Transfers between accounts.
• Contract-execution transactions: Interactions with established smart contracts (the recipient address is a smart contract address).
• Contract-deployment transactions: Transactions without a recipient address (the data field solely deploys the smart contract’s code).

How to Explore an Ethereum Transaction’s Status

Below is a succinct guide on monitoring Ethereum transactions:

Step 1: Choose an Ethereum blockchain explorer

There are blockchain explorers specifically tailored for Ethereum, like Etherscan, Ethplorer, and EthVM. Others like Blockchain.com and Tokenview support multiple chains.

Step 2: Input the transaction hash into the explorer’s search field

On platforms like Etherscan, the search field is situated at the top left of the screen adjacent to a dropdown stating “All Filters.” Depending on the tool, users can retrieve information based on various criteria like wallet address, transaction hash (txid), block, token, or domain name.

The txid is a unique identifier tied to a specific transaction. All transactions executed on-chain, including those to and from external addresses, bear a unique txid detectable in the transaction details.

On certain platforms, it’s also called a “hash” or “txn hash,” typically resembling a string of random alphanumeric characters. For instance, on MetaMask, users can immediately view the txid by clicking the “Activity” tab and selecting the transaction.

Apart from the txid, traders can also employ their public address (a string of 42 characters corresponding to their public account). This approach presents an overview of their wallet activities, enabling them to navigate to the specific transaction independently.

Step 4: Determine if the transaction succeeded

Details outlining the transaction’s status are visible on the blockchain explorer. If the transaction was verified and included in the blockchain, it’ll read “success” or “successful.”

If no error messages are exhibited, the transaction was successful. The ETH should be credited to the target wallet or exchange account within 24 hours.

For failed Ether transactions, several error messages can occur:

• Error message or symbol: A red exclamation mark or an error message stating “bad instruction” or “out of gas” indicates that the transaction failed, and the funds didn’t reach their intended destination. An “out of gas” error requires users to double their initially set gas limit and retry.
• Reverted: This signifies a user error related to a smart contract. Users should verify the transaction details.
• Transaction not found: Either the transaction was unsuccessful, or it hasn’t appeared on the blockchain explorer yet. Try a different explorer. If it’s still absent, it likely didn’t proceed.
• Pending: The transaction is awaiting validation or processing but was found in the explorer’s transaction pool. Pending transactions can sometimes be cancelled or replaced by a user.

Understanding Ethereum Transaction Times

On average, an Ethereum blockchain transaction takes approximately 15 seconds to five minutes to process, contingent on factors like the processing fee (transaction fee) and network traffic at the time of processing.

Despite transitioning from a proof-of-work to a proof-of-stake blockchain after the Merge, Ethereum’s transaction speeds remain relatively the same. As per the Ethereum Foundation, it’s a common misconception that the Merge significantly accelerated transactions.

However, a slight difference exists, with slots occurring precisely every 12 seconds post-Merge compared to every 13.3 seconds pre-Merge. Regardless, the change is barely perceptible to most users, as processing typically hinges on network congestion and transaction fees.

When a transaction is initiated, it’s recorded into Ethereum’s memory pool (mempool) and awaits validator pick-up. The mempool serves as a waiting area for pending transactions.

Once a validator incorporates transaction data into a block and adds the block to the blockchain, the transaction is deemed complete. After six additional blocks are mined and added on top of it, the transaction is considered finalized and irreversible.

By inspecting a transaction’s status, traders can ascertain whether their transaction was successful or not and the number of blocks created since their transaction was included in the chain.

Why Should Traders Check Transaction Status?

Ethereum participants must pay gas fees to utilize the network for fund transfers or smart contract deployments. The fees are primarily dependent on the number of participants waiting to execute transactions simultaneously.

Network congestion and demand are therefore directly proportional to transaction costs. High demand escalates costs, whereas low demand reduces them. Consequently, inspecting a transaction’s status aids traders in monitoring network usage costs.

It can also assist users in determining if the gas fee they paid suffices for their transaction confirmation. Low gas fees can often truncate or delay transactions, causing them to remain pending for extended durations, especially during high network congestion.

Such transactions stay pending until the gas fees meet the network’s minimum fee requirements. In such cases, a user can resend the transaction by resubmitting it with an increased gas fee and ensuring it carries the same nonce.

In addition to transaction status, Ethereum blockchain explorers can also reveal valuable information:

• Timestamp: The date and time the transaction was added to the blockchain.
• Block confirmations: The number of blocks mined since the transaction was confirmed.
• Transaction fee: The fee paid to the miner or validator.
• ETH price: The price of ETH at the time of processing.
• Base fee: The minimum fee required to transact on Ethereum.

*Gas limit: The maximum amount of gas the sender is allocating to process the transaction.

• Nonce: A unique number marking each transaction executed on a user’s wallet; it increases by one each time a new transaction is sent.

By understanding the above, traders can effectively manage their ETH transactions and ensure transactions are processed accurately and swiftly. This facilitates smooth Ethereum transactions when sending and receiving funds or deploying smart contracts. Understanding a transaction’s status can also help users adjust their spending habits and optimize network usage.