Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Basics => Topic started by: CryptoGirl on May 30, 2018, 06:51:52 PM
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What is Ethereum transaction Nonce?
In Ethereum, every transaction has a nonce. The nonce is the number of transactions sent from a given address.
Each time you send a transaction, the nonce incremented by 1.
Transactions must be in Order: You cannot have a transaction with a nonce of 1 mined before one with a nonce of 0.
No Skipping! You cannot have a transaction with a nonce of 2 mined if you have not already sent transactions with a nonce of 1 and 0.
Why?
This field prevents double-spends as the nonce is the order the transactions go in. In order for a double-spend to be "successful", you typically...
Send a transaction to one party
Wait for it to register
Collect something in return from this first transaction
Quickly send another transaction with a high gas price
Have this second transaction mined first, therefore invalidating the first transaction.
This is why exchanges wait for you to have a certain number of confirmations before allowing you to trade freshly-deposited funds.