The crypto market is getting evolved day-by-day. And crypto dealers are also increasing every day. And the demand for investing in crypto coins has been on the rise also. But the newbies are making some rash decisions such as investing a large amount of money without even getting to know the complete details of the crypto industry. And because of this, the users of the MetaMask Extension or any other wallet are facing losses.
So, all newbies should not skip this blog as it has everything that will help them understand the meaning of basic terms that are most commonly used on crypto platforms.
What does the term Blockchain mean?
In earlier times the data was stored on the specialized computer systems known as Servers. And these servers were only accessible to the people who were granted special permission to do so. Let us take MetaMask Chrome Extension as an example, all the data was stored on a server. And it is the same server that is used by everyone to get access to some information. So, it might be possible that somehow the data stored on it could get leaked.
Hence to overcome this problem, public blockchain systems were introduced. This is another kind of database system. It does not store all the information on a single server database. Instead, it keeps the data stored in separate nodes and this is the reason it is called decentralized.
What are gas fees?
To execute any kind of transaction through the MetaMask Chrome Extension, you will have to pay a certain amount of fees you can call it a transactional charge or a gas fee. The fee depends on the complexity and the amount of transaction. The higher amount would lead to an increase the gas fees. You can even pay the gas fees of your own choice. Paying high gas fees will make your transaction a priority and the validators/miners will process your transaction first so that it would executed quickly. At the time of making the payment the MetaMask Extension users also get the opportunity to customize the amount of gas fees they want to pay.
Overview of Ethereum Mainnet
Moving on with the meaning of some basic terminologies our next term is Ethereum Mainnet of the MetaMask Chrome. Ethereum is not just a single network it is much greater than that. The EVM live, and the Ethereum blockchain operates on a single Ethereum Mainnet. Some other Ethereum-compatible sidechains allow the users to carry their transactions on a separate blockchain so that they could avoid the costly gas fees charges of MetaMask Extension.
Wrapping it up!
These were only a few terminologies, there are still many things about which you know of. We have only explained the meaning of some important ones. And you can get to more about these kinds of things in one of the blogs posted by the MetaMask Extension. You can also start using MetaMask Chrome if you want to with the help of this link https://metamask.io/download/.
