Transaction ID (TXID)

The unique ID for every transaction on a blockchain network.

A transaction ID (TXID) refers to the unique ID given to every transaction on a blockchain network. It comprises a distinctive string of alphanumeric characters that the network randomly generates for every transaction. This ID consequently serves as a locating attribute to determine the exact details of transactions. This is because no two transactions are the same and therefore cannot have the same TXID.

TXIDs are not only used for record-keeping or historical purposes. They also serve as a security measure against double spending on the network.

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