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Anthony111.base.eth 🎩 pfp
Anthony111.base.eth 🎩
@anthony111
So many people don't know what's gas fee and purpose of gas fee on the blockchain. A Thread 🧵 In blockchain technology, a gas fee is a payment or a transaction fee required to process and validate transactions on a blockchain network. It's called "gas" because it's the fuel that powers the execution of transactions and smart contracts. Here's a breakdown: 1. *Gas*: A unit of measurement for the computational effort required to execute transactions and smart contracts. 2. *Gas fee*: The amount of cryptocurrency (e.g., Ether in Ethereum) paid to validators (miners or nodes) for processing transactions and smart contracts. Gas fees serve several purposes: 1. *Incentivize validators*: Gas fees reward validators for their work in verifying transactions and maintaining the network. 2. *Prevent spam*: Gas fees prevent malicious actors from flooding the network with unnecessary transactions. 3. *Prioritize transactions*: Higher gas fees can prioritize transactions, ensuring faster processing times.
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Anthony111.base.eth 🎩 pfp
Anthony111.base.eth 🎩
@anthony111
4. *Resource allocation*: Gas fees help allocate network resources efficiently. In summary, gas fees are essential for the smooth operation of blockchain networks, ensuring that transactions are processed efficiently and securely.
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Cryptofire.degen(❤️$Chicken pfp
Cryptofire.degen(❤️$Chicken
@cryptofire
Awesome conclusion 🎭
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SOLIDPAUL 🎭 🎩 pfp
SOLIDPAUL 🎭 🎩
@solidpaul
Nice
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Emmanuel Charles pfp
Emmanuel Charles
@starlight2020
Great 🎭
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Jefperf 👨‍💻🎭 pfp
Jefperf 👨‍💻🎭
@jefperf
This is different 🎭
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Nathsykemz 🎭 pfp
Nathsykemz 🎭
@princesskemz
To me gas fee is also a payment made to compensate for the computing energy required to process and validate transactions on a blockchain network.
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Odogwucrypto pfp
Odogwucrypto
@odogwucrypto
🎭
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