What is a txid in blockchain and how does it work?

3 answers

• Dec 20, 2021 · 3 years ago
  A txid, short for transaction ID, is a unique identifier that is assigned to each transaction on a blockchain. It serves as a digital fingerprint for a transaction, allowing users to easily track and verify its status. When a transaction is initiated, it is assigned a txid which is then recorded on the blockchain. This txid can be used to trace the transaction's path through the blockchain, ensuring its authenticity and integrity. In simple terms, a txid is like a receipt or a tracking number for a transaction in the blockchain system.
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• Dec 20, 2021 · 3 years ago
  Imagine a txid as a digital license plate for a transaction on the blockchain highway. It's a combination of letters and numbers that uniquely identifies a transaction and allows you to track its journey. Just like a license plate helps you identify a specific car, a txid helps you identify a specific transaction. This way, you can easily verify and validate transactions on the blockchain without relying on a central authority. It's one of the key features that make blockchain technology secure and transparent.
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• Dec 20, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, explains that a txid is an essential component of blockchain technology. It acts as a proof of transaction and helps maintain the integrity of the blockchain. When a transaction is made, it is assigned a unique txid which is then recorded on the blockchain. This txid can be used to verify the transaction's details and ensure that it has been successfully added to the blockchain. By using txids, users can have confidence in the transparency and security of blockchain transactions.
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