Transactions
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Transactions form the foundation of all operations within the æternity blockchain. Every change to the blockchain's state, whether it's transferring tokens, deploying smart contracts, registering names, or updating oracle data, occurs through transactions.
Unlike simpler blockchain implementations that use a single transaction type and implement additional functionality through smart contracts, æternity provides specialized transaction types as native features of the protocol. This architectural choice offers significant advantages in efficiency, security, and usability. By implementing common operations as distinct transaction types rather than smart contract calls, æternity reduces computational overhead, provides clearer semantics for different operations, and enables optimized processing for each type of interaction within the network.
æternity's unique Bitcoin-NG consensus mechanism influences how transactions are processed. Rather than batching transactions into traditional blocks, the system separates leader election (through key blocks) from transaction processing (in micro blocks). This separation allows for faster transaction processing while maintaining security, achieving approximately 117 transactions per second with three-second micro block times.
The transaction system in æternity is designed to support both on-chain and off-chain operations through state channels, enabling scalable applications while maintaining security. Whether processing simple token transfers or complex smart contract interactions, the transaction system provides the foundation for all network operations while ensuring efficiency, security, and usability.
The following pages provide detailed information about different aspects of transactions in æternity:
