You might find yourself in a situation where a transaction is pending for a very long time. Don't worry; there are ways to address this, and understanding the concept of "nonce" is key.
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When using Pulse Wallet, you might come across a term called "nonce." But what exactly is a nonce, and why does it matter? Let's break it down into simple language.
The word "nonce" stands for "number used once." It's often used in computer security and cryptography to add an extra layer of protection.
Think of nonce as a way to make sure things are genuine and secure, especially in transactions or communications. Imagine you have a secret handshake with a friend, and each time you meet, you create a new, unique handshake to make sure it's really you and not someone pretending to be you. In the digital world, a nonce serves a similar purpose by making sure that certain information or transactions are unique and secure.
In the crypto world, nonce plays a crucial role in protecting sensitive data, preventing malicious activities, and preventing double-spending. For example, when you make a secure online payment, a nonce may be involved to make sure that the transaction is unique and not vulnerable to unauthorized access.
Also, transactions are processed in a specific order based on their nonce. The blockchain follows a chronological sequence, and each new transaction should have a nonce value one higher than the previous one.
If a transaction is taking longer than expected due to network congestion or low transaction fees, nonce can be used to speed up or cancel a transaction on a blockchain by allowing users to replace a pending transaction with a new one.
By doing this, users essentially say to the network, "Disregard the previous transaction with this nonce and prioritize this new one."
So, you've found yourself in the situation where your cryptocurrency transaction is pending for quite some time. No worries! You can take matters into your own hands and cancel the transaction by customizing the nonce in your Pulse Wallet. Here's a step-by-step guide:
Go to Settings
Turn on Nonce to be able to customize nonce for your transactions
Initiate a new transaction, sending 0 token to the same destination wallet.
Set the nonce in the new transaction to match the nonce in the pending transaction you want to replace. This is like giving the new transaction the same unique ID.
Click Send Token and your previous transaction will be cancelled.
