What Are Gas Fees And Why Are They Important?

What are gas fees?

Gas fees are an integral part of smart contract execution. They represent computational effort by providing a service fee to use the Ethereum virtual machine’s computational resources; you can think of one unit of gas as a standardized computational power unit. Each time a smart contract is deployed and run on the EVM, gas is needed in order for the contract to execute.

2. What is EVM?

What is EVM?

The EVM, which stands for Ethereum Virtual Machine, acts like a decentralized computer. It is the foundation of the Ethereum blockchain due to its primary role of executing smart contracts and computing the state of the Ethereum blockchain.

4. What Are Layer 2 Blockchains?

A layer 2 blockchain

A layer 2 blockchain is an independent, overlaying blockchain network that exists on top of an existing layer 1 blockchain network. The layer 2 network uses the same  functions, principles, and rules as a layer 1 network but usually focuses on a specific component of the blockchain network, such as scaling transactions.

5. Introduction to Godwoken

What is Godwoken?

Godwoken is an EVM-compatible layer 2 blockchain on the Nervos network. It is made of two components, an optimistic roll-up framework, and a fully compatible EVM.

EVM framework

The EVM framework ensures that Godwoken, and by extension, its layer 1 Nervos CKB, are compatible and interoperable with any dapp that has been or will be deployed on Ethereum. The Solidity language and all EVM-based tools can be freely used to build on Godwoken. Developers can also port dapps over from Ethereum to Godwoken seamlessly.

How to use a MetaMask Wallet

What is Metamask?

Metamask is a user interface between you and the blockchain. It acts as an account manager for your Ethereum account. All you need is a browser or mobile device. Metamask is available on most modern browsers, including Chrome, Brave, and Firefox, and can also be used as a mobile application on iOS and Android devices.

How to download Metamask 👇

Start by accessing https://metamask.io/ on your browser. Select the “download” button and choose which extension you want to install.

How to use the Godwoken Explorer

What is a Godwoken explorer?

Godwoken explorer is a tool built on top of the Godwoken v1 that lets you see any data related to the Godwoken blockchain. All the transactions, public addresses, amounts, timestamps, fees, etc., are public data that can be accessed at any given time. Other statistics that involve parameters that highlight the health of the Godwoken blockchain can also be accessed and are readily available.

What are Tokens and NFTs?

What are tokens?

Tokens are cryptographic assets or currencies that are tied to a blockchain network. Ideally, tokens will serve some form of utility, whether they are used as an incentive mechanism, the means for economic security on a network, or to simply transfer value across the internet.

1. What is Blockchain?

Blockchain

Blockchain is a digital ledger that has the main function of storing digital information. Unlike a standard database, the data in a blockchain is stored in chunks of digital information that are secure by cryptography, called blocks, which can range in size. Whenever the storage of one block is filled with data (primarily transaction data), the block is sealed, timestamped, and broadcasted to a network of nodes.

Differences Between Testnet and Mainnet

What is a Mainnet?

A mainnet blockchain network is a stable, production-ready, and live version of a blockchain network with real-value. It hosts all the network maintainers that participate in consensus, and all of the network transactions.

The mainnet is the most stable version of the network n,has passed testing procedures, such as stress tests, and gone through bug fixes and implementation improvements, and  that require fixing, before being rolled out.