# Introduction to Transactions

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In the realm of digital currencies, **transactions** serve as the fundamental building blocks that facilitate the transfer of value between parties. Each transaction is characterized by a chain of **digital signatures**, which ensures the integrity and authenticity of the transfer. The process begins when an owner of an electronic coin digitally signs a hash of the previous transaction, along with the public key of the next owner, thereby creating a verifiable chain of ownership. This method allows the payee to confirm the legitimacy of the transaction by verifying the signatures associated with each transfer.

The structure of a transaction can be visualized as follows:

* **Owner 1's Public Key**
* **Owner 2's Public Key**
* **Owner 3's Public Key**
* **Hash of Previous Transaction**
* **Signatures of Each Owner**

This chain of ownership is crucial for maintaining the integrity of the digital currency system, as it prevents unauthorized transfers and ensures that each coin can only be spent once.


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