Pecu Novus Transactions

Transactions on the Pecu Novus Blockchain Network are fundamental operations initiated by accounts to modify the network’s state in a cryptographically secure manner. These transactions are essential for transferring PECU (Pecu Novus native cryptocurrency) or interacting with smart contracts deployed on the network.

Here’s a breakdown of how transactions work:

  1. Cryptographically Signed Instructions: Every transaction originates from an account and is cryptographically signed using the account’s private key. This signature ensures the authenticity and integrity of the transaction, preventing unauthorized modifications.
  2. Purpose of Transactions: Transactions serve various purposes, but the most straightforward involves transferring PECU from one account to another. This action modifies the balances associated with the sender and recipient accounts on the blockchain ledger.
  3. Transaction Components: Each transaction typically includes:
    • Sender Address: The public address of the account initiating the transaction.
    • Recipient Address: The public address of the account receiving the PECU.
    • Amount: The quantity of PECU being transferred.
    • Gas Limit: Specifies the maximum computational resources (gas) that can be consumed by the transaction.
    • Gas Price: The fee paid per unit of gas to incentivize network validators (miners) to process the transaction promptly.
  4. Network Validation: Once a transaction is created and signed, it is broadcasted to the Pecu Novus Blockchain Network. Network validators validate the transaction by verifying the signature, checking the sender’s balance for sufficient funds, and ensuring the transaction adheres to network rules and protocols. This is all done autonomously as Pecu Novus validators host nodes to expand the strength of the network and Proof of Time is the protocol used on the Pecu Novus Blockchain Network, much different than Proof of Work or Proof of Stake.
  5. Transaction Execution: Upon successful validation, the transaction is executed, updating the account balances on the blockchain ledger. The transaction details, including sender, recipient, amount, and timestamp, are recorded as part of the immutable blockchain history.
  6. Transaction Confirmation: After processing, the transaction enters the blockchain as a confirmed transaction block. Confirmation ensures that the transaction is final and irreversible, providing certainty to both sender and recipient. This all happens in a matter of under a second.

Transactions on the Pecu Novus Blockchain Network facilitate the secure transfer of PECU and execution of smart contract functions. They leverage cryptographic signatures and network validation to maintain integrity and reliability throughout the blockchain ecosystem.

Types of Transactions

On the Pecu Novus Blockchain Network, transactions are categorized into several types, each serving specific functions within the decentralized ecosystem:

  1. Regular Transactions:
    • Description: These transactions involve transferring PECU (Pecu Novus native cryptocurrency) from one externally-owned account (EOA) to another.
    • Structure:
      • Sender: The public address of the account initiating the transaction.
      • Recipient: The public address of the account receiving the PECU.
      • Amount: The quantity of PECU being transferred.
    • Execution: Regular transactions modify the account balances on the blockchain ledger, updating the sender’s and recipient’s PECU balances accordingly.
  2. Contract Deployment Transactions:
    • Description: This type of transaction is used to deploy a new smart contract onto the Pecu Novus Blockchain Network.
    • Structure:
      • Sender: The public address of the account deploying the contract.
      • Data Field: Contains the bytecode of the smart contract to be deployed.
    • Execution:
      • The transaction does not have a recipient (“to” address) because it is creating a new contract.
      • Upon validation and inclusion in a block, the contract’s bytecode is stored on the blockchain, and a new contract address is generated.
  3. Execution of a Contract:
    • Description: This transaction type interacts with a previously deployed smart contract on the Pecu Novus network.
    • Structure:
      • Sender: The public address initiating the transaction.
      • Recipient (“to” address): The address of the deployed smart contract.
      • Data Field: Contains the function call and any parameters required by the smart contract method being invoked.
    • Execution:
      • When executed, the transaction triggers the corresponding function within the smart contract.
      • The contract’s state may be updated based on the function’s logic, and additional transactions (internal transactions) may be generated within the contract.

Each type of transaction plays a crucial role in the operation of the Pecu Novus Blockchain Network, enabling PECU transfers, deploying smart contracts, and executing smart contract functions. These transactions are secured through cryptographic signatures and validated by network participants (validators), ensuring the integrity and reliability of the blockchain’s distributed ledger system.

Transaction Lifecycle

Once a transaction is submitted on the Pecu Novus Blockchain Network, the following process unfolds:

  1. Transaction Hash Generation:
    • Upon submission, a unique cryptographic hash is generated for the transaction. This hash serves as a digital fingerprint that uniquely identifies the transaction on the blockchain.
  2. Broadcasting to the Network:
    • The transaction is broadcasted to the Pecu Novus Blockchain Network. It joins a pool of pending transactions awaiting validation and inclusion in a block by network validators.
  3. Validation and Inclusion in a Block:
    • Validators within the network autonomously select transactions from the transaction pool to include in the next block.
    • Each selected transaction undergoes validation to ensure it meets the network’s consensus rules and cryptographic requirements.
  4. Block Confirmation:
    • Once a validator includes the transaction in a block, the block undergoes several stages to confirm its validity:
      • Justified: The block is initially justified, indicating it has received sufficient attestations or endorsements from validators.
      • Finalized: Subsequently, the block is finalized, which means it has been permanently confirmed and added to the blockchain.
    • Finalization ensures that the transactions within the block are considered irreversible and tamper-proof under normal circumstances.
  5. Security Assurance:
    • Once a block is finalized, the transactions it contains are extremely unlikely to be altered. Any attempt to modify a finalized block would require a network-level attack of extraordinary scale and cost, making such attacks economically infeasible.

This process ensures the security, reliability, and immutability of transactions on the Pecu Novus Blockchain Network, providing users with confidence that their transactions are processed swiftly and securely within a decentralized environment.

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