📢 Dear followers,
In one article, we will explain to you three important things in the field of blockchain and #Web3 :
➫ 1- Smart contracts
➫ 2- Transactions
➫ 3- Gas fees
We will provide the information in a very brief way, to ensure that the information reaches you quickly and usefully.
❍ Smart contracts
➫A smart contract is a smart contract that is deployed on the network, and is controlled by the smart contract code.
➫ The contract account does not have a private key.
It is owned by the logic of the code in the smart contract.
➫ The contract also has addresses just like the EOA
Users don't write the code.
Application developers upload programs and users make requests to execute these code snippets with different parameters.
➫ Programs that are uploaded and executed by the network are called smart contracts
➫ You need smart contracts to write the application code.
➫ Uniswap, Opensea and other applications have their own smart contracts.
❍ Transactions
To update data on the blockchain, Ethereum uses messages, in the form of transactions, that represent the change. They are signed messages originating from an address and broadcast by the Ethereum network
The only things that can cause a state change (data update) or cause a contract to be executed.
➫ Ethereum does not operate independently. It all starts with a transaction.
➫ This means that if you want to buy a coin, mint an NFT, or do anything that updates data on the blockchain, it must be done through transactions.
❍ Transactions require gas. Gas is the fee required to successfully conduct a transaction or execute a contract.
The concept of Gas was created to pay miners (#PoW) for their work done in maintaining and securing the blockchain.
➫ After Ethereum switched to Proof of Stake (PoS), gas fees became the reward for staking $ETH and participating in validation.
❍ Gas fees
➫ An Ethereum transaction requires computational resources to execute.
➫ These resources must be paid for to ensure that Ethereum does not get spammed with random transactions and cannot get stuck in endless computational loops.
➫ Payment is made to the account in the form of gas fees.
➫ Gas is the unit that measures the amount of computational operations needed to execute programs on the Ethereum network.
Thank you for your support 💪🔥
