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What is gas cost in blockchain (blockchain technology cost)

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What is gas cost in blockchain (blockchain technology cost)

What is gas cost in blockchain? What is gas cost in blockchain Let’s take a look at the GAS fee of blockchain, which is a way of consuming time resources (i.e. computing resources) in the network. For blockchain, it is a time-consuming process. When you put your data on the chain, you need to spend a lot of time and effort on some things, such as debugging programs, etc. At this time, various operations such as transactions and payments will occur. Due to the inherent characteristics of blockchain, if there are any other functions, it will generate a lot of waste and even cause the entire network to become increasingly congested. But what use is this waste? Simply put, it is the cost incurred by calculating or running these software. If you are a developer or a user building on it, they must pay a certain price for executing the task in order to receive rewards. If you are a miner, you need to send a small amount of ETH and corresponding N blocks to the system In general, when the gas cost is relatively high, it is to provide better performance and faster speed. Because Ethereum has been called the “second tier” solution, it can handle more types of applications, so it also makes the use of blockchain more convenient. But with the increasing popularity of blockchain applications, the demand for usage costs is also increasing. At present, there is a phenomenon of high gas costs in most public chains, and there are also branching situations. Although blockchain technology has many breakthroughs in solving efficiency issues, some people believe that this may be related to the complexity and immutability of smart contracts

Blockchain technology fees

According to Bitcoin exchange guide, blockchain technology fees are a source of revenue for an emerging technology. In the past year, due to the sharp increase in the use of Cryptocurrency and smart contracts to process data, the charges of the industry soared to a record high. According to CoinMetrics, blockchain networks charge $500 million in technology fees annually, while the current average per transaction is only $0.0025. In addition, compared to other new services, the total cost of blockchain based applications has more than doubled.

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