A network transaction in cryptocurrency refers to the process of sending or receiving digital assets from one wallet to another. When a user initiates a transfer of coins or tokens, their transaction is broadcasted to the respective blockchain network for verification and confirmation.
The network transaction typically contains information such as the sender and receiver addresses, amount of cryptocurrency being transferred, and any applicable fees. Miners on the blockchain network then work to validate the transaction by solving complex mathematical algorithms to secure the network and add the transaction to the distributed ledger.
Once the transaction is verified by a consensus of network participants, it is considered completed and the digital assets are successfully transferred from one party to another. The process is transparent, secure, and decentralized, ensuring that transactions cannot be altered or tampered with once included in the blockchain.
