Blocks and Transactions

A block is a basic data structure in a blockchain. The network records them in a single chain, starting from the very first (the oldest) one to the latest one. A block sequentially lists transactions, which are considered executed and become part of the network when they enter the block. While a transaction is in the “pending” state, it is not part of the blockchain yet, but is known to the network and is waiting to enter the block. Once a transaction has entered a block, it is impossible to cancel it, and all operations recorded in it have been completed (cryptocurrency has been debited from the sender's account and sent to the recipient).

In certain networks, transactions can exist that cannot be executed for some reason. For example, a transaction executed before the current one in the block changes the balance so that it is no longer enough to execute the current transaction. In this case, no transfer will take place, but the fee for network usage will be charged as usual, the transaction will be added to the block and marked “Failed”.

The date and time of the transaction is the moment when the block in which it is recorded was created, not the moment when the transaction was sent to the network. So don’t be surprised if the time of your transaction differs by ten minutes or even an hour from what you expected.