What is Gas Fees?
Updated
The transaction fee is the amount paid by a user to execute any transaction on the blockchain network.
This fee is used to compensate the blockchain validators who dedicate their computing power to validate and process the transactions on the network. Validators are typically rewarded in the native currency of the blockchain network for their efforts in maintaining the security and integrity of the network.
The transaction fee plays a crucial role in ensuring the smooth and efficient functioning of the blockchain ecosystem while incentivizing validators to continue supporting the network.
