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Let's say that we have a smart contract where the argument passed along the transaction updates the value "lastAccount" which is equal to the pkh of the transaction sender.

If, at the same time, two senders send a transaction to the smart contract, which one will prevail? How are these situations handled (and by who)?

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The transactions are ordered in a block and are executed sequentially. The default baking client simply orders transactions by their arrival time in the mempool but, in general, you should assume that the ordering is at the baker's discretion.

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