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A transaction is a cryptographically signed instruction sent to the nodes that form a DLT network. The instruction is formed of one or more “state changes”, i.e. changes to the state of the ledger.
The job of those nodes is to then verify that the transaction is valid, and if they achieve consensus that it is valid and does not conflict with any other transaction, the nodes will commit the changes stipulated in the transaction to the immutable network ledger state.
Radix has a revolutionary new transaction model, called the Transaction Manifest. See The Problem with Crypto Transactions Today; Radix’s Asset-Oriented Transactions for two seminal blog articles outlining why.
Further reading:
- The Problem with Crypto Transactions Today
- Radix’s Asset-Oriented Transactions
- What is a validator node?
- What is a Blockchain?
- What is a DLT?
- What is a ledger?
- What are public and private keys?
- Cerberus Infographic - Episode 9 - Transactions
