How Fees Can be Calculated In Ethereum?

Ethereum is an open-source and blockchain-based decentralized platform used for their own cryptocurrency, Ether. It also enables smart contract and Decentralized applications (DApps) and it would be built and run without any interference from third parties and not to be controlled by a single governing entity. ERC is referred to as a protocol of the Ethereum blockchain network. Ethereum was initially introduced by Vitalik Buterin and it is a distributed public blockchain network that focuses to running programming code of any DApps, There are different types of the token with smart contract standards which is like ERC20, ERC721, ERC223, ERC1400, ERC721x, ERC777, ERC827, ERC865 and more. Ethereum Tokens are usually used for Initial Coin Offering (ICO) to make a capital venture for business.

How Fees Can be Calculated In Ethereum?

If you made any transaction on ethereum blockchain you have to pay a fee, this fee can be paid to the miners for

Mining the transaction

Putting them into blocks

Securing the blockchain

This fee can be calculated in Gas, Gas limit * Gas price it is paid via the ether.

The Gas price is the price in ETH paying for each unit of Gas. For example

If you have the default Gas price of  0.00000002 ETH, and your Gas limit is 21000

The gas limit is nothing but the amount of gas that the transaction will be used. To estimate the proper gas prices is based on market conditions. 

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