The Tech Quiz - Season 20
Hello guys,
It's a pleasure on my path to share with you all my entries in this week's contest which is titled "The Tech Quiz - Season 20" which was organized by @malikusman1. It is an interesting contest and I would love to drop my entry ASAP.
Before we go ahead I would like to invite @lhorgic, @drhira, and @bonaventure24 to join this contest in this community today and share their participation as well, I do hope to see and read your entries as well.
What is gas fee in blockchain technology and its importance?
Gas fee in the blockchain technology simply refers to the fee paid or given to miners on the Ethereum network for their work of processing transaction on the blockchain.
This means that gas fee is the money that is used to pay every miner who is acting as a work in the Ethereum blockchain network. Gas fee varies based on the computational power of the transaction carried out.
So you the higher the computational power of the transaction, the higher the gas fee charged for such an operation and verse versa.
Which blockchain has higher transaction fee?
Ethereum network has the highest gas fee when it come to transaction. Over the past few days I have tried sending token from one exchange to the other and that was when I notice that Ethereum has a higher transaction few.
A good example is when you want to transfer TRX from binance to another exchange, the exhange chargers 1 TRX because the network is TRC20 under the Tron blockchain but when sending any coin under the ERC20 network a great charge above this will be demanded.
Which blockchain has less transaction fee as compared to other.
Just like I have explained above, the Tron blockchain to me has a lesser charge than every other blockchain. The Tron blockchain is usually the TRC20 network and their charges are very less when compared to other blockchain.
So based on the little research I have made so far, I can say that at the moment Tron blockchain still remain the best and most used by almost most traders.
Thank you, friend!
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You have presented beautifully my friend, i agree with you that transacting using trx is way lot cheaper when compared to others. I wish you the very best in this contest.
your explanation of gas fees and their importance in incentivizing miners on the Ethereum network is clear and easy to understand. your observation regarding the transaction fees on the Ethereum and Tron blockchains based on your personal experience adds depth to your analysis. Keep up the great work..
You said gas fee is paid for transactions done on ethereum network, I have little knowledge about this though i am still learning, is gas fee paid for only transaction on the ethereum network or all blockchain network?. I learnt that ethereum has the highest gas fee while tron network has lesser gas fee. Goodluck @olaiyidennis