Transaction Fee
By CoinGecko | Updated on Mar 03, 2020
Time and resources are required in order for miners and validators to hash and sign a block on the blockchain, a transaction fee the the blockchain users is an incentive mechanism for the miners and validators to contine playing their role and securing the network with computational powers.
Transaction fees are usually nominal and free-market based, where users can set the amount of fee they are willing to pay and the miners able to set the preference for which transaction to mine and reward from until an equilibrium is met.
Related Terms
Gas Price
A term refers to the amount of price user is willing to pay for a transaction on Ethereum blockchain.
Sim Swapping
It is a tactic where hacker overtake the mobile phone to exploit the two-factor authentication and two-step verification.
Cryptography
A discipline or field of study which practices using cryptography to convert human-readable information that can only be deciphered by individuals who have the knowledge to.
Central Ledger
Central data repository of a company or bank
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