Anatomy of a blockchain transaction: Inputs, outputs, addresses, timestamps

Welcome, blockchain explorers! Today, we're dissecting the building blocks of blockchain activity: the humble transaction. Understanding its anatomy – the inputs, outputs, addresses, and timestamps – is key to unlocking the secrets of this revolutionary technology.

Imagine a transaction as a bank transfer receipt.

• Inputs: These are like the "from" accounts, representing the source of the cryptocurrency being transferred. They can be individual addresses or smart contracts holding funds.

• Outputs: Think of these as the "to" accounts, representing the destinations where the cryptocurrency lands. Again, they can be individual addresses or smart contracts.

• Addresses: These are the unique identifiers for participants in the transaction. Imagine them as account numbers but pseudonymized for privacy. They're often represented as long strings of alphanumeric characters.

• Timestamps: These act as the receipts' date and time stamps, recording when the transaction took place. They ensure chronological order and prevent double-spending.