Transactions are requests sent to the ETC network from user accounts. Transactions can send funds, create new smart contracts, or, execute existing smart contracts. Transaction resource requirements are measured in gas units. Gas is purchased with classic ether. All transactions contain the following six elements:
- to (receiving address)
- Transactions contain receiving account addresses. This component is an empty string for smart contract creation transactions for which new accounts, with new addresses, will be created.
- init or data (constructor or calling arguments)
- For smart contract creation transactions, this contains the associated constructors. For smart contract execution transactions, this contains the data operated on.
- value (transfer amount)
- amount of classic ether, in units of wei, to be transferred to the receiving account
- gas price
- offer of classic ether willing to pay per gas unit
- gas limit (maximum gas purchase)
- maximum number of gas units willing to purchase
- originating user account nonces
- v, r, s (digital signature)
- three numbers comprising the digital signature of the transaction with respect to the private key of the originating account
If applying transactions requires more gas to complete than the maximum gas amount allowed, then all the effects are reversed except that the user is still charged for the gas utilized.