Ethereum Blockchain

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Ethereum Blockchain Understanding the Fee
Structure The Ethereum platform is capable of
providing computation power for the application
other than just maintaining the Ether (Core
Currency of the platform). The Ethereum network
nodes are responsible for executing the
computations along mining Ether.
Ether (ETH) Ether is the fundamental currency of
the Ethereum blockchain. Ether can go up to 18
places after the decimal point. Like the
smallest part of a dollar is called cent, the
minor part of Ether is called Wei. So, very
minute transactions are possible with
Ether. Transaction Fees As the nodes provide
the computational power, they should be
incentivized. Whenever a smart contract is to be
executed, the initiator sends a fee along with
the request. The fee is utilized in various
phases of the execution. In the end, if any part
of the fee is left unspent then it will be
returned to the sender. Also, if the amount of
fee sent is not sufficient, the execution or the
transaction would be returned to a fail state.
And the no fee is returned as the efforts are
made to execute.
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Gas is the denomination in which fees are paid.
There are two different factors involved to
determine the fee Gas Price and Gas Limit. Gas
Price is the price in terms of Ether you are
willing to spend on a unit of Gas. The Gas Price
is measured in Gwei where a Gwei is equal to
1,000,000,000 Wei. Gas Limit is the maximum
amount of Gas a sender is willing to
spend. Hence the fee is the product of Gas Price
and the Gas Limit. For example, if the Sender
sets the Gas Price to 20 Gwei and the Gas Limit
to 50,000 then that implies the sender is willing
to spend 20 Wei X 50,000 1,000,000,000,000,000
Wei 0.001 Ether to execute the
transaction. Generally, the higher the Gas
Price, the faster the transaction is chosen by
the miners. To avoid transaction failures,
miners can advertise the senders to set the Gas
Price for which they would execute the
transactions. How does this impact EtherEcash
platform? The Ethereum blockchain is the
fundamental component of EtherEcash platform, a
revolutionary global peer to peer credit
network. The EtherEcash is a stage that brings
individual lenders and borrowers all over the
globe. A smart contract is created and executed
whenever both parties sign a loan
agreement. Executing a Smart Contract costs
some money in terms of transaction fees on the
Ethereum platform. To cover these costs, the
EtherEcash levies a small brokerage fee to
support and develop itself. And it also helps
the EtherEcash platform to grow to provide the
unmatchable services of its kind to a wide
variety of customers. Be sure to mark your
calendars, the Etherecash pre-ICO is only days
away! Pre ICO Launch 25th October 20177th
November 2017 ICO Launch 15th November 201719th
December 2017. more info visit etherecash