What Are Blockchain Transaction Fees?
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What Are Blockchain Transaction Fees?
Transaction fees play a dual role of significance within blockchain networks. Firstly, they serve as rewards for miners or validators who dedicate their computational power to verifying and confirming transactions, contributing to the network’s integrity. Secondly, these fees act as a defense mechanism against potential spam attacks, discouraging malicious actors from overloading the network. The…
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What Is blockchain bridge And How They Work?
What is blockchain bridge? To grasp the concept of a blockchain bridge, it’s important to have a basic understanding of what a blockchain is. Blockchains like Bitcoin, Ethereum, and BNB Smart Chain are prominent ecosystems that rely on different consensus protocols, programming languages, and system rules. A blockchain bridge serves as a protocol that connects…
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What is a blockchain Layer 1 vs. Layer 2?
Layer 1 and Layer 2 are terms used in blockchain technology to describe different levels of network architecture. Layer 1 represents the primary blockchain layer, which serves as the foundation of a blockchain network. Examples of Layer 1 blockchains include Bitcoin, Ethereum, and BNB Chain. These networks handle the main transactions and data storage of…