A quick overview of ETH, BSC, HECO, and Gas

ETH

Ether is an open source worldwide platform for developing smart contracts and decentralized apps.

The Ether network's currency is ETH, which is used to pay for transactions.

When transferring ETH and its tokens, or dealing with smart contracts and DApps, transaction fees must be paid.

Smart Contracts

The Ethernet network executes a contract or agreement. By using Ethernet to create runnable apps or scripts that make sophisticated irreversible agreements without the use of a third-party middleman.

Ethereum's Applications

Digital asset creation, ownership, storage, and transfer

Tokens created on Ether can be used for a variety of things, including currencies, tokenized tangible goods (such as gold), and ownership shares in DApps.

DeFi

Stablecoins, peer-to-peer lending protocols, decentralized exchanges, asset management protocols, and derivative markets are all popular DeFi applications.

Collectibles

The ERC-721 token can be proven to be the only Ethereum token, perfect for representing collectibles, artworks.

Organizations

These organizations exist on the blockchain as smart contracts. It is programmed to determine the membership and operating rules of the organization.

Identity

Ethereum provides a neutral and secure platform to build identity systems.

 

BSC

BSC is a consensus distributed ledger based on proof-of-stake (PoSA), using BNB as the transaction cost.

Developers can deploy smart contracts and build Dapps on the chain because BSC is compatible with EVM.

Relays are used to communicate between the BC (Binance Chain) and the BSC (Binance Smart Chain).

Take use of BC's quick transactions and BSC's EVM-based development.

 

HECO

Huobi ECO Chain (Heco) is a decentralized public blockchain.

It provides smart contract compatibility and supports high-performance transactions.

The HPoS consensus process is used by Heco's original digital asset, HT.

 

GAS

Transaction fees are paid whenever a transfer is made or when interacting with a smart contract or DApp.

The transaction fee is paid regardless of whether the transaction is successful or not.

Payments are made in different currencies on different master networks: Ether → ETH, BSC → BNB, HECO → HT

Gwei

Gas prices are usually expressed in Gwei, 1 Gwei = 0.000 000 001 ETH

Gas Price

The price of gas per unit at the moment of this trade or contract call, usually expressed in Gwei.

You can fix the price of Gas yourself before starting a transaction or a contract call, i.e. Gas Price.

The miner's fee can be adjusted based on the Gas Price, and the miner will prioritize transactions with a higher Gas Price.

The Gas Price for BSC is generally 5 gwei, for HECO is generally 1 gwei, and for ETH, see  https://ethgasstation.info/ 

Gas Limit

Before each transaction or contract call, the maximum amount of consumed Gas is established.

It will be executed if the amount of Gas used for that action is less than or equal to the Gas Limit you have established.

All operations will be reset if the total quantity of Gas spent exceeds the Gas Limit, but the fee will still be charged.

Gas Limit for regular transactions = 21000

Gas Fee

Gas Fee = Gas Limit * Gas Price

The maximum transaction charge that this transaction or contract call can use.

Gas Used

The commands executed during a transaction or call determine the actual quantity of Gas to be consumed for that transaction or call.

The following is an example of a transfer on the BSC for your information:

①Adjustments can be made at the beginning: Gas Price = 5 Gwei and Gas Limit = 21000 for this transaction;②At this step you can see:Gas Fee = 5 gwei * 21000 = 105000 gwei = 0.000105 BNB;③The transaction is completed and you can see: actual Gas Used= 21000

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