All About Crypto Gas Fees
If you’re even minimally familiar with the crypto ecosystem, you must’ve heard people complaining about the sky-high gas fees. One of the most well-known blockchains with the highest gas fees is Ethereum, which follows the Proof of Work (POW) principle. This has led to the rise of Proof Of Stake (POS) based “Ethereum-killers” such as Solana, which promises a lower gas fee.
But what are gas fees?
Well, that’s what we will try to answer in this one. This article will build from the first principles to the topic of gas fees. So, with that out of the way, let’s begin.
“Think of gas fees as simply transaction fees. Like any other platform, blockchains also charge transaction fees for the services provided. There are several node runners/validators that update the state of blockchains. A considerable amount of energy goes into the validation of transactions. So to compensate and incentivize them, miners must be paid to sustain their activities.
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