Gas fees are the fees paid to the network for processing and confirming cryptocurrency transactions on the blockchain. They are calculated based on the complexity of the transaction and the current level of network congestion, and are denominated in small fractions of the cryptocurrency being used. Gas fees can add significant costs to transactions, and users should consider them carefully when transacting on the network.
Interacting with smart contracts involves using a blockchain wallet that supports smart contract execution, such as MetaMask or Trust Wallet, and following these steps:
Determine the smart contract address: You will need to know the address of the smart contract that you want to interact with. This address is a unique identifier on the blockchain and can usually be found on the Dapp or smart contract website. Add the contract to your wallet: Once you have the smart contract address, you will need to add it to your wallet.
Using a Dapp interface typically involves the following steps:
Choose a Dapp (decentralized application) that you want to use, and make sure you have a compatible crypto wallet installed. Some popular crypto wallets that support Dapp integration include MetaMask, WalletConnect, and Trust Wallet. Navigate to the Dapp’s website or interface, and ensure that it is a secure and trusted platform. Connect your crypto wallet to the Dapp by clicking the “Connect Wallet” or similar button.
One of the major advantages of DApps is that it generally guarantees user anonymity. But many applications require the process of verifying user identity to use the app. As there is no central authority in a DApp, it becomes a challenge to verify the user identity.
In centralized applications, humans verify user identity by requesting the user to submit certain scanned documents, OTP verification, and so on. This process is called know your customer (KYC).
Dapp is the commonly used abbreviation referring to “decentralized apps”. Dapps are conceptually the same as apps or games you might use on your computer or phone. The key difference is that Dapps are built on and powered by decentralized protocols such as Ethereum.
To find the Dapp menu, go to the Defi section on the menu bar at the bottom of the home screen. Find the Dapp and gain access by selecting the Dapp icon, then connect your wallet to the Dapp to use its features.