Getting started with blockchain | How is blockchain transfer charged?

Author | Listening to the wind

Produced|Baihua blockchain (ID: hellobtc)

In the early years, inter-bank transfers were all charged, and were generally charged at a certain percentage of the transfer amount. For international transfers, due to the barriers between the currency countries and foreign exchange controls, in addition to paying the above fees and paying a telegram fee of around 200 yuan, it also takes several working days.

However, these barriers and controls no longer exist in the world of blockchains. You only need to send a transfer request gently, basically able to arrive within one hour, then how is the blockchain transfer fee charged?


01 Bitcoin Network Transfer

The earliest bitcoin network transfers were charged in bytes (BTC Miner Fee = Fees (consistency + byte) * Site (byte)). Bitcoin transfers are transferred from one bitcoin address to another. In the actual transaction process, if A wants to transfer to B, the block containing the transaction issues a broadcast to all users in the blockchain, the miner averages The unrecorded transactions in the Bitcoin network are packaged into a block every 10 minutes, which completes an acknowledgment. After six confirmations, the transfer is considered irreversible.

Therefore, the handling fee for the transfer here is actually paid to the miners for the bookkeeping. A transaction (no amount) is 250 bytes or more, and the handling fee is generally 0.0001 – 0.0015 bitcoin. The capacity of a block of Bitcoin is 1M, and a block can only process about 7 transactions per second. Therefore, the transactions on Bitcoin are very congested. In order to obtain the priority of the bill, you can pay more fees.

02 Ethereum Transfer

The Ethereum transfer is calculated on the basis of Gas (fuel) = Gas Limit * Gas ​​Price. Like BTC, ETH transfers also pay for blockchain miners.

The difference is that Ethereum's transfer we call Gas (fuel), this value is determined by Gas Price (unit price) and the consumption of Gas Limit (quantity) , the amount of Gas limit is generally based on ETH smart contract content Decided, so the higher the price of the Gas Price set by the initiator, the faster the transaction it initiates can be packaged. However, ETH's Gas can be returned without using it.

03 EOS transfer

Unlike BTC and ETH, EOS transfers are almost "free . " Certain network bandwidth resources (NET) and CPU computing resources (CPU) are consumed during the EOS transfer process.

However, both NET and CPU are renewable resources. Users can obtain it through mortgage EOS. EOS account information and smart contract execution information storage need to consume running memory resources (RAM) . RAM is a scarce resource and needs to be purchased. So EOS transfer is Free, but still need to consume the RAM you need to buy.

The traditional payment transfer system relies on third-party institutions as credit endorsements, and in the blockchain world, it is a point-to-point decentralized transaction, which is faster, lower cost, and has greater advantages.

What advantages and disadvantages do you think blockchain transfers have over traditional industries? Feel free to share your opinion in the message area.


『Declaration : This series of content is only for the introduction of blockchain science, and does not constitute any investment advice or advice. If there are any errors or omissions, please leave a message. The copyright and final interpretation of the article are owned by the blockchain chain.