Clear DefinitionsTXID
Pronunciation
[tee-eks-ahy-dee]
Analogy
Think of a TXID as the tracking number for a package—it's a unique code that lets you find and follow your specific item as it moves through the delivery system, distinct from all other packages.
Definition
Short for Transaction ID, a unique identifier assigned to each transaction on a blockchain. The TXID is a cryptographic hash of the transaction data and serves as a permanent reference pointer to locate the specific transaction.
Key Points Intro
TXIDs enable precise tracking and verification of individual blockchain transactions.
Key Points
Abbreviated form of 'Transaction ID' commonly used in technical contexts.
Typically represented as a long hexadecimal string.
Serves as the primary way to reference a specific transaction.
Used in block explorers, wallets, and when troubleshooting transaction issues.
Example
When withdrawing cryptocurrency from an exchange, you're usually provided the TXID after the withdrawal is processed, allowing you to verify on a block explorer that the transaction has been broadcast to the network.
Technical Deep Dive
In Bitcoin, the TXID is calculated by applying double SHA-256 hashing to the binary representation of the transaction. This creates a 256-bit (32-byte) hash value that is typically displayed as a 64-character hexadecimal string. In some blockchains like Bitcoin, transaction malleability issues led to the introduction of witnessed transaction IDs (wtxid) to address scenarios where the TXID could change without altering the transaction's effect.
Caveat
Different blockchain networks may compute TXIDs using different hashing algorithms or transaction serialization formats, so the exact technical details can vary across cryptocurrencies.
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