Transactions

Initiation: A transaction is initiated by an externally-owned account (EOA), which is controlled by a person (not a contract), to perform actions such as transferring WIRE, interacting with a contract, or deploying a new contract.

Transaction Details: Each transaction includes details like the sender's address, recipient's address, amount of WIRE to be transferred, gas limit, gas price, and an optional data field for additional inputs.

Signing: The transaction must be signed with the sender's private key, verifying the sender's identity and ensuring the transaction's integrity.

Broadcasting: Once signed, the transaction is broadcasted to the network, where it awaits inclusion in a block by a validator.

Execution: Once a validator picks up the transaction, it is executed by the EVM, resulting in a state change in the Wireshape blockchain. The execution process mirrors that of Ethereum, utilizing the same EVM for contract interactions.

Fees and Speed: Transactions in Wireshape, as a PoA network, benefit from lower fees and faster confirmation times. This efficiency is due to the reduced computational effort and the absence of mining competition. The transaction fee (gas) is paid in WIRE to compensate network validators. The amount of gas depends on the computational effort required to execute the transaction or contract code systems.

Types of Transaction

Wireshape blockchain supports distinct transaction types:

Regular Transactions: These involve the transfer of tokens from one account to another, facilitating the basic exchange of value within the network.

Contract Deployment Transactions: In these transactions, the 'to' address is omitted, and the data field contains the code for a new smart contract, initiating its deployment on the blockchain.

Execution of a Contract: This type involves a transaction that sends instructions to a previously deployed smart contract, where the 'to' address specifies the contract's address on the blockchain.