The concept of ‘Gas’ is most closely associated with which platform?
1 a) Bitcoin
2 b) Ethereum
3 c) Ripple
Dersnotu said The concept of ‘Gas’ is most closely associated with which platform?
- a) Bitcoin
- b) Ethereum
- c) Ripple
Answer:
The concept of “Gas” in the context of blockchain technology is most closely associated with Ethereum. Gas represents the fee required to successfully conduct a transaction or execute a contract on the Ethereum network. It essentially covers the computational costs and resources used by the Ethereum Virtual Machine (EVM).
Key Points About Ethereum Gas
- Transaction Fees: Gas is the unit measuring the computational effort to perform operations on the network.
- Gas Price: Denominated in ether (ETH), with varying market-driven prices.
- Gas Limit: Users can specify how much gas they’re willing to spend on a transaction, ensuring they can control costs.
- Purpose: Prevents misuse of network resources, as each operation on Ethereum costs a certain amount of gas.
Comparison Table of Platforms and Fees
| Platform | Fee Term | Mechanism | Primary Purpose |
|---|---|---|---|
| Bitcoin | Transaction Fees | Determined by block space demand | Rewards miners and processes transactions |
| Ethereum | Gas | Used to pay for computational resources | Executes smart contracts and transactions |
| Ripple | Transaction Cost | Minimal cost in XRP to discourage spam | Transfer value quickly at low cost |
Reference:
• Ethereum Official Documentation: ethereum.org
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