On April 11, the Original Crypto Coin team held our first #CryptoEdOCC live online educational event about gas. This article includes the content that was shared during the free event.
The role gas plays on the Ethereum blockchain an be a major source of confusion for crypto beginners. Personally, I had more than a couple failed transactions where I was like “WHHHYYYY is this happening!?!” before I started to get gas figured out.
Gas, which is paid for in Ether (ETH), is the fuel for the Ethereum blockchain. When you send ETH, tokens, or interact with a contract, you have to pay for the computations performed by miners to execute that transaction. That payment is calculated in terms of “gas”. This entire fee is received by miners. Regardless of whether your transaction succeeds or fails, you need to pay the miners for the work they did to attempt to execute your transaction. Because of this, you pay gas even when a transaction fails.
To put this in terms relative to the original OCC token airdrop, all gas fees paid to receive your OCC tokens were sent to miners. The OCC team received no ETH or benefits from distributing the tokens.
You can see your transaction fee (amount of gas * gas price) in ETH and USD when you search for your transaction on Etherscan.io. Etherscan can also be a really useful tool for tracking transactions and figuring out problems too. Other coins have their own block explorers that have similar functions. If you’re new to block explorers, we’ve got some helpful info here:
https://originalcryptocoin.com/knowledgebase/how-to-track-transactions-using-blockchain-explorers/.
Follow this link for further details and Understanding
https://originalcryptocoin.com/knowledgebase/understanding-gas-and-ethereum-transactions/By the Original Crypto Coin Team
