Today, we would like to learn about Ethereum fees!
If you make a remittance or a smart contract at Ethereum, there will be a gas fee.
Isn't Ethereum just a coin? To be exact, Ethereum is the main net.
Ethereum coins are the currency that can be used on the mainnet called Ethereum.
Ethereum coins are usually referred to as ETC.
Main net
By the way, Mainnet is an independent platform. Each mainnet is equipped with basic functions.
Since blockchain is a technology made by efforts to solve financial problems,
The basic infrastructure is the remittance function that allows you to exchange cryptocurrency.
Cryptocurrency and tokens vary by mainnet.
Therefore, it is important to understand which tokens are supported for each mainnet.
Every time you use a service on each mainnet, you must use a native token.
On Ethereum Mainnet, the native token is Ether. The kind of fee used for remittance to Ethereum is gas.
You can think of it as a fee used in the Ethereum transfer process.
There are various types of transactions within Ethereum.
The amount of gas varies depending on how complex the transaction is.
Gas is limited per block, so not all transactions are processed immediately.
What would happen if every action requires gas and the amount of gas is limited for each block?
Miners choose to trade with the highest gas cost.
In other words, the rest of the transactions are pushed to the next block or cannot be selected.
If a large number of users bid in a limited space called Block, a high fee (singer) will be incurred.
Nevertheless, people prefer Ethereum coins. Especially Koreans like it. Why?
I can't tell you exactly why. This is because there are various explanations and guesses.
Among the many hypotheses, the reason why I personally sympathize the most is that 'Korea' is a country with the peculiarity of a divided country.
Of course, it's not an atmosphere that takes war seriously internally.
This is because war anxiety is always inherent due to division, so there is a high interest in safe assets.
Some say it is because Korean conglomerate participated in the Enterprise Ethereum Alliance (EEA).
Is Ethereum safe enough to pay an expensive fee of gas from Ethereum?
There have been no hacking cases yet,
but around April last year, researchers at Seoul National University found a technical defect.;;
Nevertheless, it is a programmable blockchain, so it can perform more functions than other blockchains.
Decentralized applications (DApps) developed based on Ethereum are also accompanied by the advantages of cryptocurrency and blockchain technology.
Let's take a look at the gas calculation of gas.
First, the unit of gas is Gwei. (Wei is the smallest unit that Ethereum can display.)
1 Gewi = 0.0000000001 ETH.
Separating ETH's price and transaction price prevents transaction costs from increasing!
The gas cost is calculated by gas price x gas limit.Don't be afraid if you have to pay to know the price.
In most cases, the wallet app asks how much the specific price is and how much the appropriate price is.You can check it on the website below.
https://etherscan.io/gastracker
Ethereum Gas Tracker | Etherscan
Gas Snapshot Price at 3/16/2022 1:02:32 PM UTC - Low: 34 gwei | Avg: 35 gwei | High: 36 gwei
etherscan.io
Also, it would be better to check the price of gas in advance. In this case, I recommend the following site.
If you have plans to purchase NFT, check when the transaction volume will be concentrated in advance!
https://ethereumprice.org/gas/
Ethereum Gas Price Charts & Historical Gas Fees – ethereumprice
Gas price data provided by gasnow.org. Charts are set to your local timezone. About this Data The charts above use the “standard” gas price given by gasnow.org. This price is recommended for users who want their transaction to confirm in less than 5 mi
ethereumprice.org
Today, we looked at the mainnet's "gas" called Ethereum, which is in the spotlight in Korea.
To sum up, gas is a numerical unit of what Ethereum does.
It will be easier to understand if you actually make a transaction based on what I told you.
When I first created the series, I wanted to give you some information about marketplaces and NFTs.
As we talk, there are many things to explain about the concept, so I think the story is getting longer.
Therefore, I would like to continue the NFT Marketplace series until you and I have a good understanding of NFT!
(Personal Story)
I am preparing contents to post on NFT these days. (I was planning before I opened the blog!)
As I said at first, I have not yet considered NFT as an investment concept.
I'm approaching the concept of fun. I'm building my understanding of NFT so that I can enjoy it more.
Therefore, rather than buying and selling coins for profit,
I want to visualize what I want to say and put it in the NFT world first.
It sounds like a grand speech. I will let you know when I upload it to the NFT marketplace. :)
