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Ethereum Blockchain

The Etherecash platform works over a blockchain which is a peer-to-peer network wherelending occurs independently of a bank or a central authority. However, this is not where the Etherecash functionality is limited.https://www.etherecash.io/

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Ethereum Blockchain

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  1. Ethereum Blockchain: Understanding the FeeStructure The Ethereum platform is capable of providing computation power for the application other than just maintaining the Ether (Core Currency of the platform). The Ethereum network nodes are responsible for executing the computations along miningEther. Ether(ETH) Ether is the fundamental currency of the Ethereum blockchain. Ether can go up to 18 places after the decimal point. Like the smallest part of a dollar is called cent, the minor part of Ether is called Wei. So, very minute transactions are possible withEther. TransactionFees As the nodes provide the computational power, they should be incentivized. Whenever a smart contract is to be executed, the initiator sends a fee along with the request. The fee is utilized in various phases of the execution. In the end, if any part of the fee is left unspent then it will be returned to thesender. Also, if the amount of fee sent is not sufficient, the execution or the transaction would be returned to a fail state. And the no fee is returned as the efforts are made toexecute.

  2. Gas is the denomination in which fees are paid. There are two different factors involved to determine the fee: Gas Price and GasLimit. Gas Price is the price in terms of Ether you are willing to spend on a unit of Gas. The Gas Price is measured in Gwei where a Gwei is equal to 1,000,000,000Wei. Gas Limit is the maximum amount of Gas a sender is willing tospend. Hence the fee is the product of Gas Price and the Gas Limit. For example, if the Sender sets the Gas Price to 20 Gwei and the Gas Limit to 50,000 then that implies the sender is willing to spend 20 Wei X 50,000 = 1,000,000,000,000,000 Wei = 0.001 Ether to execute thetransaction. Generally, the higher the Gas Price, the faster the transaction is chosen by the miners. To avoid transaction failures, miners can advertise the senders to set the Gas Price for which they would execute thetransactions. How does this impact EtherEcashplatform? The Ethereum blockchain is the fundamental component of EtherEcash platform, a revolutionary global peer to peer creditnetwork. The EtherEcash is a stage that brings individual lenders and borrowers all over the globe. A smart contract is created and executed whenever both parties sign a loanagreement. Executing a Smart Contract costs some money in terms of transaction fees on the Ethereum platform. To cover these costs, the EtherEcash levies a small brokerage fee to support and develop itself. And it also helps the EtherEcash platform to grow to provide the unmatchable services of its kind to a wide variety ofcustomers. Be sure to mark your calendars, the Etherecash pre-ICO is only days away! Pre ICO Launch: 25th October 2017–7th November2017 ICO Launch: 15th November 2017–19th December 2017. more info visitetherecash

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