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Blockchain Technology - 1

Sppu BE BT assignment 1

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24 views2 pages

Blockchain Technology - 1

Sppu BE BT assignment 1

Uploaded by

21110052
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Blockchain Technology- Assignment 01

Harshal Vijay Umale


Roll Number:0052
BE Comp

Title: : Metamask Installation and Ether

Date of Completion:

Problem Definition:
Installation of Metamask and study spending Ether per transaction.

Theory:

Metamask:

MetaMask is one of the more widely used wallets to store crypto on the ethereum
network, which you can also use to transact on the network- ie purchase NFTs, trade
crypto, etc. The wallet is a browser extension that you can install on firefox or
chrome. You can also have it as an app on your phone. In regards to web3 browsing-
Instead of having a user name/login, you connect your wallet which has a unique
public address.Websites or other decentralized applications are able to
connect, authenticate, and/or integrate other smart contract functionality with a user's
MetaMask wallet (and any other similar blockchain wallet browser extensions)
via JavaScript code that allows the website to send action prompts, signature requests,
or transaction requests to the user through MetaMask as an intermediary.The
application includes an integrated service for exchanging Ethereum tokens by
aggregating several decentralized exchanges (DEXs) to find the best exchange rate.
This feature, branded as MetaMask Swaps, charges a service fee of 0.875% of the
transaction amount

Downloading Metamask:

- Open https://metamask.io and download the plugin for your browser.


Gas Fees:

In order to begin interacting with any Ethereum platform, you’ll first need to fund
your MetaMask wallet with an amount of ether – the native cryptocurrency of
Ethereum. All actions on the blockchain cost a fee, whether that’s moving tokens
from A to B or creating an NFT collection. This fee, known as a “gas” fee, is
denominated in ether.

Gas is the unit of measure for how much computational work is required to process
transactions and smart contracts. Essentially a transaction fee, the term originates
from Ethereum.The term is analogous to the gas that powers a car engine: it's the
fluctuating, occasionally expensive cost of operation. More complex smart contracts
require more gas to power their computation, just as a bigger, more powerful car takes
more gas to run.

The gas limit is the maximum number of units of gas you are willing to pay for in
order to carry out a transaction or EVM operation. Different operations demand
different quantities of gas units. A normal transaction sending ETH or a token
normally costs 21,000 gas, whereas an ERC-20 token approval requires 45,000.

Every block on the Ethereum network has a base fee determined by network demand:
the base fee is based on the block size of the block before it, compared against a target
block size (where size refers to the total amount of gas used for all the transactions the
block includes)

The priority fee, also referred to as the "miner tip", incentivizes the miner to prioritize
your transaction

The max fee is the total, global amount paid for your transaction. It is calculated as:
(base fee + priority fee) x units of gas used. MetaMask initially sets this amount based
on the previous block's history..

Gwei is a unit of ether, the smallest denomination, which stands for gigawei (or
1,000,000,000). Gwei is used for gas fees, or rather payments made by users to
compensate for the computing energy required to process and validate transactions on
the Ethereum blockchain.

Conclusion:

Thus, we have successfully understood how to install Metamask on our device and
what fees are.

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