Ethereum blockchain and Tether USDT ERC20 token
In short, Ethereum is a network (blockchain). Like other blockchains, it has its cryptocurrency, which is called ether or ETH. ETH is digital money.
ERC20 is the standard for creating tokens within the Ethereum blockchain. It includes several rules that tokens must comply with.
Our service supports ETH and Tether USDT ERC20 tokens.
Even though Tether USDT ERC20 is not an Ethereum-based token, you should never send USDT ERC20 to an ETH address in the case of currencies on our service, because a unique address will be generated for any coin.
How to find ETH transactions in the network and check their status?
To do this, you can always use one of the most popular Ethereum block explorers – etherscan.io.
It is better to consider the mechanism for searching for ETH transactions in the network using a specific example. Let’s find the transfer of 1 ETH at 0xa378ee117d6db52a6aba8e3c4af1eeed4e7f4b15, which was made on 11/16/2020.
It should be understood that any transaction can be found by the following inputs:
- By transaction hash/TxID. You can learn more about hash transactions here.
- By the sender’s address (for this you need to know the time, date of sending, and the amount).
- By the recipient’s address (the situation is the same as in the case of the recipient’s address).
If you know how to find the required transaction in the 2nd and 3rd ways, you will always be able to find the hash of the transaction.
Let’s get back to the practical part. We need to find the transaction and have the address of the recipient (within our exchanger, we need to find the ETH transfer that was sent to us for exchange).
The receiving address is 0xa378ee117d6db52a6aba8e3c4af1eeed4e7f4b15.
The amount is 1 ETH, and the date and time are 11/16/2020, after 12:42 GTM +2.
Let’s start. You need to go to the etherscan.io resource and find the search bar. The service itself tells us what needs to be entered in the field for a successful transaction search (Hash, address).
After that, you need to insеrt the address into the search bar and press the “Enter” (or “Enter”) button on the keyboard. All information on the address entered in the search field should be displayed. Among the points will be all transactions at the address 0xa378ee117d6db52a6aba8e3c4af1eeed4e7f4b15, related to both input and output. In addition, the following data is displayed for each transaction:
- transaction type (output/”OUT” or input /”IN”);
- amount of asset movement within the transaction;
- the so-called “age” of the transaction (“Age”);
- unique transaction ID (Txn Hash or Hash/TxID).
Based on the fact that we initially knew what amount and date we are talking about, the transaction is in second place in the list of all transactions at the search address. You can click on Txn Hash to display all the detailed information on this transfer.
This is how the transaction information should look like:
Remember that for ETH to be successfully credited to our service, you need to wait for 20 confirmations in the Ethereum network.
Where the number of confirmations for the transaction’s ETH (as well as Tether USDT ERC20) is displayed can be seen in the “Block Confirmations” column:
Now let’s find out how you can find Tether USDT ERC20 transfer on etherscan.io
Everything is as simple as possible. The method is similar to the search for ETH. At the same time, there is a significant difference – to correctly search for the Tether USDT ERC20 token, you should sеlect the appropriate filter “Erc20 Token Txns”.
Consider the example of searching for completed transactions at 0x2b577cf6e52cbccb0a1ce529eb5bf2b8ff123427
The time allotted to receive payment on the application in the case of an exchange with ETH and Tether USDT ERC20 is 6 hours. The exchange will be completed automatically if this transaction receives 20 confirmations before the expiration of 6 hours.
In this case, it may be that for certain reasons the transaction was not carried out during this time. For example:
- the service from which the transfer was made did not release this transfer to the network for a long time;
- Ethereum network was overloaded;
- insufficient commission for the execution of the transfer, etc.
All of the above situations must be resolved with the support service of the sender (if the transaction was not completed at all).
If we talk about those transfers that received 20 necessary confirmations more than 6 hours after the moment the application was created on our service, there is absolutely nothing wrong with that. The only inconvenience is that you will need to wait a little longer than usual until the transaction is completed and after it the exchange.
If you sent coins for exchange, and the transaction was not confirmed within 6 hours, such an application will be assigned the status “Payment error” or “Remote application”. What does this mean? In this case, the waiting period for receiving payment has simply expired. It’s not worth worrying about. If a similar situation has happened to you, you need to write to our support. The application will be completed manually.
So, 6 hours are given for the exchange to be completed automatically (the operator does not participate). If the transfer is confirmed longer, you should inform us to perform the exchange manually.
*Links to third-party resources and sites are provided for educational purposes only and are advisory. They are not required to be used.