FIN385 Blockchain Technology and Smart Contract for Finance

Block Chain

Gas is the fee or price value needed to conduct transactions or perform a contract on the Ethereum blockchain platforms. The Ethereum blockchain needs Ethereum gas the same way the car uses gasoline to keep its lights on. The Ethereum network transactions cost a given amount of gas, based on the current demand for a gas, the size, and the speed of the contract one performs. The Ethereum network transactions work as a driving car; if no enough gas, the transactions will not work. Gas is a blockchain innovation. It improves Roof of Work's efficiency and brings transparency and fairness in mining during its implementation as the Proof of Work blockchain system (Carl & Ewerhart, 2020).

The Ethereum, the same as bitcoin, is a blockchain network. The blockchain network stores and sends data to the users using the network. The data sending and storage in the network is secured, such that the attackers cannot find the data since it is not kept open or centralized at the point. Bitcoin is the blockchain network, giving a solution to monopolization and security issues by maintaining the network's security using known network contributors all over the network systems (Carl & Ewerhart, 2020).

Interpretation of the Data

The transaction status on the Ethereum network is successful. There are 106138 block confirmations within 30seconds. The confirmations are done from different branches with the interaction of intelligent contracts. The tokens are transferred from one point to the other for $4000 with zero Ether value. The transaction fee is $8.35and the gas price is 128 Gwei. The Ether price is $1834.48/ETH. The gas limit is given as 84277, and the user during the transaction is 41185, representing 48.87%. The Ethereum network stands at position 257 out of 1180. There is input data transfer from the peer-to-peer connection.

Bitcoin network sends bitcoin and a cryptocurrency where their transactions are secure in the blocks by known contributors who solves any problems emanate on the network. In 2015 the blockchain was released in the form of Ethereum. The Ethereum creator believed bitcoin as revolutionary hence incomplete. The Ethereum creator wanted to make all blockchain transactions within the network more secure (Carl & Ewerhart, 2020). They introduced the Ethereum virtual machine that helped the developers develop applications that assisted in writing customizable transactions on the network. The transactions include smart contracts that are secured and self-executing using the same Proof of Work scheme but slightly different from bitcoin. These transactions lead to Ethereum gas (Carl & Ewerhart, 2020).

Comment on Gas Concept in Ethereum

As per the given table, any smart contract or transaction in the blockchain Ethereum needs gas. The gas is part of the Ethereum token that pays miners to protect the transactions that occur in the blockchain. The gas needs to be enough for successful transactions in the blockchain for the miners to receive enough compensation for better work. In the table, developers make sure the smart contract runs over a reliable network. The miners are paid enough wages without losing gas delivered on the transaction (Carl & Ewerhart, 2020).When the nonzero data is stored where the state of variable had zero data usually changes the gas usage. For example, any two consecutive calls cannot use the same amount of gas for the function that toggles a Boolean variable.

References

Carl, D., & Ewerhart, C. (2020). Ethereum Gas Price Statistics. SSRN Electronic Journal. doi: 10.2139/ssrn.3754217

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