The Tech Quiz - Season 20

Hello everyone,
It's your favorite Steemian @rakiya from Nigeria and I'm delighted to join in this contest organized by @malikusman1 in this noble community today. It's a wonderful contest and I love to share my participation in it.

Source

What is gas fee in blockchain technology and its importance?

Gas fee in my understanding as the name implies is a fee that is paid to miners in the Ethereum network to validate transaction and to carry out all the mining activities within the platform.

Gas fee is very important in the blockchain technology because the money generated or the fee paid is what is use to settle or pay the miners of the blockchain. This means that without the fees the miners may not be paid.

So every blockchain has this gas fee which they charge depending on the amount of transactions you want to do within the platform. Most times, the transaction fee is fixed no matter the amount you wish to transact.

A very good example is transferring TRX from Binance to Kucoin, the gas fee charged on TRC20 is usually 1 TRX no matter how many you are sending out and that 1 TRX serves as the gas fee for the transaction.

Which blockchain has higher transaction fee?

There are many blockchain available in the crypto industry today but the one consider with the highest charges when it come to transaction is the Ethereum blockchain which uses this ERC20 network.

Now when transacting with this blockchain and network, they may charge based on the amount you wish to transact and also their transaction are somewhat very high even close to the amount you are willing to send out.

This is the main reason why when doing transaction from one exchange of different blockchain to another, you are always advice to use the TRC20 network because it tends to be cheaper and that blockchain that process it is the Tron blockchain which is fast and reliable.

Which blockchain has less transaction fee as compared to other.

Based on my above explanation, you will agree with me that the Tron blockchain has a lesser charge than the Ethereum blockchain because the illustrations I have made above shows that no matter the amount you wish to transfer on the Tron blockchain, only one TRX is taken as charges.

This is not the same for the Ethereum blockchain network and that is why if you compare the Tron blockchain and the Ethereum blockchain, you will want to choose the Tron blockchain because it is fast, less expensive and very much affordable.

I want to invite @jasminemary, @kuzboy, and @josepha to join the contest also.