Special greetings you all today and I'm so delighted to welcome you all to my blog how are you all doing I sincerely hope that you are doing fine and enjoying your day.
Today in my entry I will be participating in the tech quiz contest-season 20 which is being organized and held by @malikusman1 here in the Steem4bloggers community.
What Is Gas Fee In Blockchain Technology And Its Importance? |
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On the blockchain a gas fee simply refers to the certain amount of tokens that we pay for the purpose of carrying out transactions on the blockchain, and with it comes many great advantages which will be mentioned below.
Some of the various importance of gas fee on the blockchain network are;
It helps in motivating validators on the blockchain to process transactions more rapidly for a smoother used experience
A gas fee ensures the accuracy of a transaction being carried out on the blockchain
Which Blockchain Has Higher Transaction Fee? |
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Though I am not that frequent on the blockchain but according to my little brother's @radleking experience and what he told me at the same time coupled with some of my researchs, I have learnt that they are numerous kinds of blockchain network
And above all of some seems to be expensive than the rest, for example the last time my brother @radleking wanted to transfer funds from his binance wallet he had to use binance smart chain because it was cheaper meanwhile the Bitcoin network had the highest value of transaction fee
And you can imagine when you insist on using such blockchain (Bitcoin network) to transfer funds and the transaction fee cost half of your total funds
Which Blockchain Has Less Transaction Fee As Compared To Other. |
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Like I made mentioned earlier that when my brother wanted to carry out a transaction he had to make use of the binance smart chain BEP20 network because it was very affordable and cheap as it only cost 0.33 USD which amounted to 470 naira in other to carry out a transaction on the network
So as compared to other blockchains network like the beacon chain, ethereum network, polygon, Bitcoin etc amongst all of them the binance smart chain ⛓️ BEP20 seems to be the cheapest and user friendly network to use and carry out transactions.
This will be the end of my entry and I sincerely hope that you all learned something from it thanks and remain bless, I will like to invite
@sahar78
@mehroz
@yancar
Thank you, friend!
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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Saludos cordiales gran amigo prime33 muchas gracias por la invitación al concurso, buena participación, buenas respuestas, suerte.
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