In cryptocurrency, a TxID (Transaction ID) is a unique identifier assigned to each transaction on a blockchain network. It serves as a critical tool for tracking and verifying transactions. Here’s a closer look at its key features:
- Unique Identifier: Every transaction is assigned a distinct TxID, functioning as its digital fingerprint.
- Transaction Tracking: The TxID allows users to trace and confirm the status of a transaction directly on the blockchain.
- Generated via Hashing: The TxID is typically a long alphanumeric string created by applying a cryptographic hash function to the transaction data.
- Proof of Transaction: It acts as a record, enabling users to prove a transaction occurred or review its details.
Think of the TxID as a tracking number for cryptocurrency transactions—providing transparency, traceability, and accountability across the blockchain. At PACZKI, understanding and using TxIDs effectively ensures secure and seamless crypto operations.