Transaction is the process of moving the value of a cryptocurrency from one asset to another in the blockchain network.

A transaction is a transfer of value between Yenten wallets included in the blockchain. Yenten wallets hold a secret piece of data called a private key or seed used to sign transactions and provide mathematical proof that the wallet came from its owner.

The signature also prevents the transaction from being changed by anyone after the transaction is made. All transactions are posted on the network and usually begin to be confirmed within 5-20 minutes through a process called mining.

The following example will be illustrative; Suppose theYentens you send to someone are sent to you by another Yenten user. When they send them to you, the address they send is recorded in the Yenten blockchain (encrypted and inaccessible registry) as transaction input, and your address and the address they send are recorded as transaction output to the Yenten network.

When you send this Yenten to someone else, your wallet generates a transaction output that is the address of the person you’re sending the money to. This transaction will then be recorded with your Yenten address as a transaction entry to the Yenten network.

When this person sends those Yentens to someone else, his address will also be a transaction input. The other person’s Yenten address becomes the transaction output. The process continues like this.

Using this system, people can track Yenten transactions back to when Yenten was first created and understand who sent to whom at any time. This creates a completely transparent system where all transactions can be controlled at any time.

MinGyu Borchigin

By MinGyu Borchigin

Hello, I am a member of the Yenten Community

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