Metamask: What is the transaction lifecycle?

Understanding the Metamask Transaction Lifecycle: A Step-by-Step Guide

Metamask is a popular web wallet and decentralized application platform (dApp) that allows users to interact with various Ethereum-compatible applications without having to worry about the complexities of transaction confirmation. However, when sending funds from one address to another using Metamask, there are several events that occur in the background, which can be overwhelming for new users. In this article, we will break down the Metamask transaction lifecycle and explain what happens during each stage.

Step 1: Creating a Transaction

When you click “Send” in your MetaMask wallet, a new transaction is created to send funds from address A to address B. Here’s what happens:

  • The transaction is initiated by the MetaMask application, which sends a request for a new transaction to the Ethereum network (Ethereum.org).
  • The EVM (Ethereum Virtual Machine) creates the new transaction and generates a unique identifier called a “transaction ID”.
  • A transaction structure is created, which includes the sender address, receiver address, gas limit, gas price, and other relevant information.

Step 2: Calculating the gas price

Before sending the transaction, MetaMask calculates the optimal gas price for your transaction. The following factors are taken into account:

  • The complexity of the transaction (e.g., using complex contract functions or calling external libraries)
  • The number of gas units required to execute the transaction
  • Estimated gas prices on the Ethereum network

MetaMask uses a smart contract called “gasPriceEstimator” to estimate the optimal gas price. This agreement takes into account several factors, including:

  • The user’s MetaMask balance (to ensure sufficient funds for the transaction)
  • The sender and receiver addresses (to minimize gas costs)
  • The structure and complexity of the transaction

Step 3: Pay for gas

Once the gas price has been estimated, MetaMask will request a gas payment from your MetaMask account. This involves:

  • Sending a request to the Ethereum network to pay for the amount of gas
  • Using gas prices calculated by gasPriceEstimator as the payment basis

Step 4: Confirm the transaction

Once the gas price has been paid, the transaction is confirmed and executed on the Ethereum network:

  • The EVM checks the transaction structure and ensures that it follows the specified rules
  • The transaction is sent to the network for validation and confirmation
  • If the transaction passes validation, it is added to the blockchain and a “block” is created.

Step 5: Block Creation

When multiple transactions are combined into a single block, they are bundled together and created as a new block. This process is called “block merging”.

Step 6: Transaction Processing

Once a block is created, it is sent to the Ethereum network for verification and settlement:

  • The EVM checks the contents of the block and makes sure everything is correct
  • The transaction is re-confirmed on the network (if possible)
  • After confirmation, the block is added to the blockchain

Step 7: Confirmation

The final step in the Metamask transaction lifecycle is confirmation. This is what happens:

  • If the sender has sufficient funds, a “confirmation message” is sent back to MetaMask indicating that the transaction was successfully processed
  • The transaction is marked as completed and added to the blockchain

To summarize, when you send 1 ETH from address A to address B using Metamask, several events occur in the background. From creating the initial transaction request to verifying and settling the blockchain, each step plays a critical role in ensuring the smooth execution of your transaction.

Please note that this is a simplified explanation of the Metamask transaction lifecycle.

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