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TXID: Transaction ID on the blockchain
Why Do You Need to Understand TXID?
Whenever you make a transfer on the blockchain network, this transaction is assigned a unique identifier. This identifier is called the ID transakce (TXID), or transaction hash. If you’ve ever withdrawn cryptocurrency from a platform or want to track the destination of a transfer, the TXID is your most crucial tool.
How Is TXID Generated?
The ID transakce is not created arbitrarily but is automatically generated through specific cryptographic algorithms. Taking Bitcoin as an example, the system uses the SHA-256 cryptographic hash function to process transaction data. This process involves complex mathematical operations on information such as sender address, receiver address, and transfer amount, ultimately producing a 64-character hexadecimal string. This string is the TXID, which is unique—two different transactions cannot generate the same txid.
Two Historic Transactions That Changed History
The TXID of the First Bitcoin Transaction
This is the transaction record of Satoshi Nakamoto sending to Hal Finney: