What is a gas fee?

Question

What is a gas fee?

Accepted Answer

Gas fees are transaction fees paid by users to validators within the Ethereum network. ViaHonest does not receive these funds and thus cannot issue refunds. Additionally, ViaHonest does not determine gas prices or benefit from them.

This article delves into the roles of validators, the necessity of gas fees, and the two types of gas fees you'll encounter on ViaHonest: one-time and recurring payments.

**Who are Ethereum validators?**
Validators play a critical role in Ethereum's proof-of-stake (PoS) consensus mechanism. They verify the accuracy of transactions by re-executing them, ensuring network integrity. Validators stake their ETH as a form of security, which serves as a modern replacement for the mining activities in proof-of-work (PoW) systems.

**Understanding Gas Fees**
Paying a gas fee does not guarantee transaction success; it merely ensures processing. Due to the fluctuating nature of gas prices in response to network activity, an initially sufficient fee may later prove inadequate if network congestion increases.

**When are gas fees required on ViaHonest?**
⚠️ Be vigilant against common phishing attempts. 'Buyers' can claim that they encounter an error when trying to purchase an item by sending screenshots to the seller. ViaHonest will never be the first to write to you on social media or ask you to send funds to ViaHonest to sell an item or solve a transaction problem.

You can learn more about how to protect yourself in the world of web 3 in our guide. If you encounter a phishing attempt, here's how to report it. Every time you send a transaction for processing on the blockchain, you need to have enough cryptocurrency in your wallet to cover the corresponding gas fees.

**When using ViaHonest, there are two main types of gas fees that you will encounter:**

1. **One-time payments**: These are necessary for certain activities on ViaHonest, such as the first time you list an NFT for sale or use a particular cryptocurrency in a transaction. It's akin to a one-off permission slip for specific smart contract interactions.

- **First placement of an NFT in a collection**: The first time you place an NFT in a certain collection (related to one smart NFT contract) for sale, you will need to pay a one-time gas fee. No gas fee is charged for subsequent NFT placements in this collection.
- **The first use of cryptocurrency in a transaction**: When you first place an NFT for sale or make an offer to buy an NFT using a certain cryptocurrency, you will need to pay a one-time gas fee.
- **Smart Contract Deployment**: You will need to pay gas for smart contract deployment when creating a new NFT collection or creating a Drop.

2. **Recurring payments**: These fees apply to ongoing actions that necessitate blockchain transactions. This includes purchasing NFTs, transferring them, or creating new ones.

**Actions not requiring gas fees**:
The following actions do not require payment of a gas fee:
- Connecting your wallet to ViaHonest
- Placing an NFT for sale at a fixed price (after the first time you did it for an NFT in a certain collection)
- Placing an NFT at an auction or making an offer (after the first time you did it)
- Price reduction for the exposed NFT
- Cancellation of the offer: Your cancellation may be delayed for several minutes while we check whether there are any failed attempts to accept the offer.

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What is a gas fee?