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 (dApp) platform that allows users to interact with various Ethereum-compatible applications without worrying about the complexities of verifying transactions. However, when sending funds from one address to another via Metamask, several transactions occur behind the scenes, which can be overwhelming for new users. In this article, we will walk through the Metamask transaction lifecycle and explain what happens during each step.

Step 1: Transaction Creation

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 your MetaMask app, which sends a request to the Ethereum network (Ethereum.org) for a new transaction.

• The EVM (Ethereum Virtual Machine) creates a new transaction and generates a unique identifier, known as the Transaction ID.

• A transaction structure is created, which includes the sender address, recipient address, gas limit, gas price, and other relevant information.

Step 2: Calculate the gas price

Before sending the transaction, MetaMask calculates the optimal gas price to use for the transaction. This is done by considering factors such as:

• The complexity of the transaction (e.g., using complex contract functions or calling external libraries)

• The number of gas units needed 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:

• Your MetaMask balance (to ensure sufficient funds for the transaction)

• Your sender and recipient addresses (to minimize gas costs)

• The structure and complexity of the transaction

Step 3: Gas Payment

Once the gas price is estimated, MetaMask requests a gas payment from your MetaMask account. This involves:

• Sending a request to the Ethereum network to pay the gas amount

• Using the gas prices calculated by gasPriceEstimator as the basis for payment

Step 4: Verifying the transaction

After the gas price has been paid, the transaction is verified and executed on the Ethereum network:

• The EVM verifies the transaction structure and ensures it complies with the specified rules

• The transaction is broadcast 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: Creating the block

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

Step 6: Transaction Settlement

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

• The EVM verifies the contents of the block and ensures that everything is correct

• The transaction is verified on the network again (if applicable)

• Once verified, the block is added to the blockchain

Step 7: Confirmation

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

• If the sender has sufficient funds, a “confirmation” message is sent to MetaMask indicating that the transaction has been processed successfully

• The transaction is marked as complete and added to the blockchain

In summary, when you send 1 ETH from address A to address B using Metamask, several transactions are happening behind the scenes. From creating the initial transaction request to verification and settlement on the blockchain, each step plays a crucial role in ensuring the transaction is executed smoothly.

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

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