How to modify or cancel transactions on Ethereum blockchain

cnbctv18.com:

Ethereum is one of the most popular blockchains for decentralised applications (dApps). There are currently thousands of different decentralized finance (DeFi) and NFT projects running on the Ethereum blockchain.

Many of these dApps have hundreds of thousands of active users who carry out numerous transactions every day.This user activity can spell trouble for a blockchain like Ethereum that can only process 15-25 transactions per second. When there is a high volume of transactions, the system can get clogged, leaving you in limbo that could last for hours, days, or even weeks.

If your circumstances change while your transaction is still stuck, you could consider cancelling or modifying your transaction.Not sure how to do this? Tag along as we cover all the important information you need to know to modify or recall transactions on the Ethereum network. But before we move forward, it’s important to understand a couple of things:The Ethereum blockchain:The Ethereum blockchain uses the Proof of Work (PoW) consensus mechanism to verify transactions and add them to the block.

In the PoW consensus mechanism, a network of miners scattered across the globe dedicates significant computing power to complete the transaction verification process.Also Read | All about ‘Russian Ethereum’ that has skyrocketed 200% since Ukraine warThey communicate with each other constantly to arrive at a consensus regarding the authenticity of transactions. After that, they bundle the verified transactions into a block and add them to the blockchain.

In exchange, the network rewards miners with ETH (Ethereum’s native token) for every block added.The proof of work consensus mechanism requires vast amounts of computing power. Therefore, not all