Hardware prototyping has been widely used for ASIC/SoC verification. This paper proposes a new hardware design verification method, Transition and Transaction Tracer (TTT), which probes and records the signals of interest for a long time, hours, days, or even weeks, without a break. It compresses the captured data in real time and stores it in a state transition format in memory. Since it records all the transitions, it is effective in finding and fixing errors, even ones that occur rarely or intermittently. It can also be programmed to generate a trigger for a logic analyzer when it detects certain transitions. This is useful for debugging situations where the engineer has trouble finding an appropriate trigger condition to pinpoint the source of errors. We have been using the method in hardware prototyping for ASIC/SoC development for two years and found it useful for system level tests, and in particular for long running tests.