Transaction Block

The blockchain network is made up of a large number of transaction blocks that are organized chronologically. Transaction blocks are used to store each transaction that has occurred over some time. In the case of Bitcoin, a transaction block contains a record of every transaction that has taken place in the previous 10 minutes. Furthermore, each transaction block is aware of the transaction blocks that came before it. If you are attempting to track the transaction history of a certain Bitcoin, this makes searching across the ledger much easier.

What is a transaction block?

It is necessary to have a transaction block to store transaction data, which is permanently stored in file structures known as blocks. It is possible to list them as separate pages of a recording book (when real estate ownership changes) or as a ledger (when no ownership changes). 

Blocks were arranged into a linear sequence throughout time, which is regarded as a blockchain in certain circles. New transactions are continuously being converted by miners into new blocks that are put to the end of the chain, and once they have been approved by the network, they can never be modified or deleted from the chain again.

Transaction blocks and incentives

Along with other components, each block has an item in its header that identifies some or all prior transactions and a record of the block that was immediately before the present block. When a new block is created, the miner must complete the task that the network has assigned to him on his device. Each block has a unique solution, which is also put in the block’s header, which makes it easy to find. 

This assignment is tough to do and will take a significant amount of time. However, once one of the miners has found a solution to the problem, the rest of the network is quick to certify that the solution has been found and implemented correctly. There are numerous solutions for each block — it is sufficient to discover at least one of them for each block. 

Whenever a Bitcoin transaction is made, it is transmitted to the network, and all peers attempting to resolve blocks gather the transaction records and include them in the block they are attempting to resolve. Because of the rewards that are connected to each transaction, miners are compelled to include transactions in their blocks

How a transaction works

When a transaction is generated on the Bitcoin network, it is protected by public-key cryptography, which ensures the integrity of the transaction. For Bitcoin transfers to be successful, each participant must have a pair of public keys and a pair of private keys that govern the portions of bitcoin that they possess. A public key is a set of letters and numbers that a user must provide to be eligible to receive payments from a cryptocurrency exchange. A private key, on the other hand, must be kept secret since it authorizes the expenditure of any cash acquired through the use of the linked public key. 

A user can sign transactions and transfer the value of their bitcoin to a new owner by using the private key that has been linked with their bitcoin. After that, the transaction is broadcast to the network to be included on the blockchain.

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What is Polygon?

Polygon is a stack of protocols designed to fix Ethereum’s scalability issues. The Polygon network addresses the network’s challenges by handling transactions on a separate Ethereum-compatible blockchain. 

Polygon then returns transactions to the main Ethereum blockchain post-processing. This approach lowers the network load on Ethereum. In doing so, Polygon can speed up transactions and lower transaction costs to less than a cent.

In other words, Polygon, formerly known as Matic network, provides an easy framework for new and existing blockchain projects to build on Ethereum without scalability issues.

Using Polygon, users can interact with any decentralized application (DApp) without ever having to worry about network congestion.

This guide delves into everything there is to know about the Polygon Matic network, how Polygon works and how this innovative solution is making Ethereum easier to use.

What Is Arbitrum?

Arbitrum is a layer 2 solution designed to improve the capabilities of Ethereum smart contracts — boosting their speed and scalability, while adding in additional privacy features to boot.

The platform is designed to allow developers to easily run unmodified Ethereum Virtual Machine (EVM) contracts and Ethereum transactions on a second layer, while still benefiting from Ethereum's excellent layer 1 security.

It’s built to address some of the shortcomings of current Ethereum-based smart contracts — such as poor efficiency and high execution costs — which have damaged the Ethereum user experience and frequently make transacting an expensive task.

Arbitrum uses a technique known as transaction rollups to record batches of submitted transactions on the Ethereum main chain, and execute them on a cheap, scalable layer 2 sidechain while leveraging Ethereum to ensure correct results. This process helps to offload most of the computational and storage burden Ethereum currently suffers from, while enabling new classes of powerful layer 2-based DApps.

New York-based development firm Offchain Labs is currently building the Arbitrum product, as well as an entire suite of scaling solutions. The initiative is spearheaded by Offchain Labs co-founders Ed Felten, Steven Goldfeder and Harry Kalodner. Ed is a professor, Steven received his Ph.D, and Harry is a Ph.D. candidate at Princeton University. All three are blockchain experts with a passion for making cryptocurrencies more capable.

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What Is Solana (SOL)?

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

To learn more about this project, check out our deep dive of Solana.

The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

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As in the charts of Polygon, Solana and Arbitrum, which is based on the average block in the weekly time frame, in Polygon, the peak of the chart was 2.3, and in Solana, it was 0.89.

The following tables show the average, maximum and minimum of all three networks, which we will discuss more in the analysis section.

According to the following charts, which show the average number of seconds between the blocks, Polygon was at the peak at the beginning, then it reached a steady trend in a sudden decline. Regarding Arbiterram, we must say that it has a chart similar to Polygon, but regarding Solana has a completely fluctuating chart and has touched the ceiling of 0.0025 twice, then it has declined and entered into many fluctuations.

Conclusion

According to the above charts and the obtained information, we can come to the conclusion that Solana has the lowest average with an average of 0.67. Arbiterum and Polygon are in the next ranks. According to the above chart, Polygon recorded the highest in July. Arbitrum also recorded the peak in June and Solana in June.