What does gas cost mean (how is gas calculated)?
Gas cost refers to the consumption and scalability of each transaction in the bl
Gas cost refers to the consumption and scalability of each transaction in the blockchain network – in most cases, it depends on specific protocols to determine the time required for a block and the so-called “average execution time” of that block. Therefore, for ordinary users, gas fees are usually a relatively high service cost, but for businesses, it is not a big problem.
When using smart contracts, you must pay some fees to ensure their smooth operation; if you do not have these resources or are not interested in these operations, your money will be lost.
In order to save gas fees and improve efficiency, we can define this term as an additional expense. Simply put, it is sending a certain asset to a specified address to earn fees and generate profits.
However, many blockchain systems currently require a lot of computational power, operations, or verifications to achieve this goal. For example, projects like Bitcoin require miners to store a large amount of data so that they can participate through on-chain governance. As the number of transactions on the blockchain increases and occurs more frequently, they often become a source of high fees.
Gas costs can be divided into two levels:
1. Base layer refers to a dedicated network for each node to handle all transactions’ final confirmation. It works on a completely decentralized basis, and anyone can view the complete status of the entire system.
2. The second layer (permissionless) means that each node needs to submit a new transaction record and then decide whether to resubmit the transaction based on the result of the new transaction. The third layer (decentralized) is a virtual machine agreed upon by multiple clients to generate execution results, such as block headers, messages, etc.
How is gas calculated?
According to bitcoin.com statistics, the gas cost of Ethereum is currently about 3 Gwei or more. And based on the current price, this number should be less than 10 US dollars.
So what is gas cost? We can calculate it from three aspects: First, Gas is a decentralized network system (Distributed Ledger Network), through which users can control their transactions on the blockchain and obtain corresponding token rewards. Secondly, in order to lower the cost of these transactions, it is necessary to pay certain fees and transfer costs. Therefore, if you need to use expensive transaction fees or unnecessary costs, you may need to pay a considerable amount for a specific application. For example, if you have more than 10,000 transactions on a website, your gas consumption will reach about 5 cents or 2 euros.
Does this affect the use of users’ funds? I think the answer is yes-because you have to spend a lot of time and effort to switch between different applications (including dapps). It is the same for users without accounts. However, for those who want to participate, this operation is not illegal. However, for friends who want to enter the DeFi field, they can also use various tools to help themselves avoid risks. So, there are still many issues here, such as whether you can withdraw funds in a timely manner or just wait one or two days to withdraw all the money, and so on.
The calculation method of gas cost is actually very simple. Because the blockchain runs relatively slowly and can only process tens of messages per second and confirm transactions once in a while, many ordinary people cannot directly use the blockchain for daily activities. This is why most people have a large amount of data storage requirements on the chain. (Note: “large transactions” refer to sending a transaction to another address and then being randomly selected by other nodes to “accept it”.)
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