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Ethereum blockchain and Tether USDT ERC20 token

If to be short Ethereum is a blockchain (network). Like other blockchains, Ethereum has its own cryptocurrency called ether (ETH). ETH is digital money.

ERC20 is the standard for creating tokens on the Ethereum blockchain. It includes a list of rules that the tokens must comply with.

Our service supports both ETH and Teher USDT ERC20 token.

Despite the fact that Tether USDT ERC20 is an Ethereum-based token, never send USDT ERC20 to an ETH address when exchanging currencies on our service, as a unique address is generated for each coin!

How to find an ETH transaction on the network and check its status?

To do it, we will use the most popular Ethereum block explorer – etherscan.io

To consider the mechanism for searching for ETH transactions in the network visually, we will look for the transfer of 1 ETH dated November 16, 2020 to the address 0xa378ee117d6db52a6aba8e3c4af1eeed4e7f4b15

To begin with, it is important to know that any transaction can be found using the following inputs:

  • Only by the hash/TxID of the transaction. What is a transaction hash – the information can be found in this article;
  • By the sender’s address (knowing the amount, the date and the time of sending);
  • At the address of the recipient (similarly, it will also require information about the amount, the date and the time of sending).

Knowing how to find the desired transaction in the 2nd and 3rd ways, you can always find the transaction hash.

So, back to practice. Now we need to find the transaction at the address of the recipient (in the context of our service, we will find the ETH transfer sent to us for an exchange).

Receiving address: 0xa378ee117d6db52a6aba8e3c4af1eeed4e7f4b15
Amount: 1 ETH;
Date and time: 11/16/2020, after 12:42 GTM +2

Let’s get started. We go to etherscan.io and find the search bar, in which the service itself already suggests what needs to be entered in the field to search for the desired transaction (address, Hash) successfully.

Next, paste the address into the search bar and press “Enter” on the keyboard (or “Enter”). After that, absolutely all the information at the address that was entered in the search field will be displayed. Namely, all the transactions (both input and output) will be displayed at 0xa378ee117d6db52a6aba8e3c4af1eeed4e7f4b15.
Also, for each transaction, the following is displayed:

  • transaction type (input/”IN” or output/”OUT”);
  • the amount of movement of assets in the transaction;
  • her “age”/Age;
  • Hash/TxID or Txn Hash (unique transaction identifier).

Considering the fact that we initially know what amount and the date we are talking about, in fact, the necessary transaction is already the second in the list of all the transactions at the desired address. In order to view detailed information on the transfer, you need to click on Txn Hash:

This is how the detailed information about this transaction will look like:

For successful transfer of ETH to our service, 20 confirmations in the Ethereum network are required.
The number of confirmations for ETH (and Tether USDT ERC20) of the transaction is displayed in the “Block Confirmations”, here:

Now, let’s look at how to find Tether USDT ERC20 transfer on etherscan.io

It is very simple and the mechanism is identical to the search for ETH, but with one fundamental difference:
to search for the Tether USDT ERC20 token in the right way, you must sеlect the appropriate filter “Erc20 Token Txns”.

Consider the example of searching for all transactions at 0x2b577cf6e52cbccb0a1ce529eb5bf2b8ff123427

6 hours are allotted to receive a payment for an exchange request with ETH and Tether USDT ERC20. If the transaction receives 20 confirmations before the expiration of 6 hours, the exchange will be completed automatically.

But sometimes it happens that for one reason or another, the transaction was not transferred within the allotted time. For example:

  • the service from which the sending was made did not release the transfer to the network for a long time;
  • Ethereum network overload;
  • the commission for the execution of the translation is insufficient;
  • etc.

The above situations should be resolved with the support of the sender service (in case the transaction is not completed at all).

As for the transfers that received 20 confirmations more than 6 hours after the creation of the application on our service, there is nothing to worry about, except that you will have to wait longer than the usual speed of the transaction and, therefore, the exchange.

If you sent us coins for an exchange, and the transaction was not confirmed within 6 hours, then the application will receive the status “Payment error” or “Remote application”. It means that the waiting period for receiving the payment on the application has expired. Do not worry, please, if it happens to you, just write to us in support and we will complete the application manually.

Thus, 6 hours are allotted for the completion of the exchange in the automatic mode (without the participation of the operator). In cases where the transfer was confirmed longer, please inform us for a manual exchange.

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29.09.2022, 14:56