Learn more about blockchain
Blockchain is a digital ledger technology that allows for secure and decentralized storage and sharing of information. It consists of a chain of blocks, where each block contains a record of transactions that have occurred on the network.
Each block in the chain is linked to the previous block, forming a continuous and unbroken chain. This chain is maintained by a network of computers that validate and confirm each transaction, ensuring the integrity and security of the network.
Blockchains are typically used to facilitate peer-to-peer transactions without the need for a central authority or intermediary. They are often associated with cryptocurrencies like Bitcoin, but their applications extend beyond digital currencies to include supply chain management, identity verification, and other use cases that require secure and transparent record-keeping.
What are gas fees?
A blockchain gas fee, also known as a transaction fee, is a cost associated with making a transaction on a blockchain network. Gas fees are paid in cryptocurrency and are used to compensate the network nodes that process and validate transactions on the blockchain.
The term “gas” refers to the computational resources required to execute a particular transaction on the blockchain. Each transaction requires a certain amount of gas, which is determined by the complexity of the transaction and the current state of the blockchain network. Gas fees are calculated by multiplying the gas required by the current price of the cryptocurrency being used to pay the fee.
Gas fees are an important aspect of the blockchain ecosystem because they incentivize network nodes to process transactions and maintain the integrity of the blockchain. However, high gas fees can be a barrier to entry for some users, particularly those who are making small transactions. To mitigate this issue, some blockchain networks have implemented solutions such as layer 2 scaling solutions or dynamic gas fees to help users reduce their costs.
What are Edbit & Avalanche?
Novae Solutions blockchain technologies are named Edbit and leverage the high speed, low cost, and eco-friendly blockchain infrastructure called Avalanche. Avalanche is an open, programmable, smart contracts platform for decentralized applications. Novae’s Edbit Blockchain Credentials API allows organizations to send documents and meta data to the Avalanche blockchain.
