Ethereum gas cost is calculated based on the number of computational steps required to execute a transaction or contract. This is why gas cost is often referred to as “transaction fees”.

The higher the gas cost, the more computationally intensive the transaction, and thus the more expensive it is to execute on the Ethereum network.

The gas cost of a transaction is denominated in gwei, which is a fraction of an ETH. The current average gas price is around 20 gwei.

This means that the average transaction costs 0.02 ETH to execute.

The gas cost of a transaction can be divided into two parts:
– The base fee, which is a constant amount charged for every transaction regardless of its complexity.
– The variable fee, which depends on the complexity of the transaction and is thus variable.

The base fee is currently set at 21000 gas and covers the execution of a simple transaction like sending ETH from one address to another. The variable fee is charged per computational step and depends on the operations performed by the transaction.

For example, a contract interaction that reads data from storage will have a lower gas cost than a contract interaction that writes data to storage.

The total gas cost of a transaction is then calculated by adding the base fee to the variable fee. So, for example, if a transaction has a base fee of 21000 gas and a variable fee of 1000 gas, then the total gas cost of the transaction would be 22000 gas.

One important thing to note is that the sender of a transaction pays for all the gas used by that transaction. This includes both the base fee and any variable fees incurred by executing code or storing data on Ethereum’s blockchain.

Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.

Ethereum Classic also provides a value token called “classic ether”, which can be transferred between participants, stored in a cryptocurrency wallet and is used to compensate participant nodes for computations performed. The classic ether token is traded on cryptocurrency exchanges under the ticker symbol ETC.

In 2016, a decentralized autonomous organization called The DAO, built on top of the Ethereum network, raised $150 million USD from investors to fund development of Ethereum applications. The DAO was hacked in June 2016, and $50 million worth of classic ether was stolen as a result.

The event caused a split in the Ethereum community, with some members feeling that the code should be changed to refund the stolen funds, while others maintained that the code should not be changed and that “code is law”. As a result of this disagreement, the Ethereum blockchain was hard-forked on 20 July 2016 to create two separate blockchains: Ethereum Classic (ETC) and Ethereum (ETH).

Ethereum Classic has been described as “a continuation of the original Ethereum blockchain”, with its original code and transaction history intact. The fork occurred because a group of individuals believed that the DAO hack demonstrated that the Ethereum codebase was not immutable after all, and that it needed to be changed in order to refund the stolen funds.

The other side of the fork disagreed with this assessment, believing that changing the code would go against the principles of decentralization and immutability that are central to blockchain technology.

As of July 2018, Ethereum Classic’s market capitalization is around $1.7 billion USD, making it the 5th largest cryptocurrency by market cap.

ETC is traded on a number of cryptocurrency exchanges and is also available for purchase with fiat currencies such as USD, EUR and GBP on decentralized exchanges such as EtherDelta and IDEX.

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.

In order to run these applications, you need a platform and a currency. The platform is Ethereum, and the currency is Ether.

You need a place to store your Ether. This is called an Ethereum Wallet.

There are several types of wallets, each with its own set of pros and cons.

The most common type of wallet is the software wallet. This is a piece of software that you install on your computer or mobile device.

The software stores your private keys and interacts with the Ethereum network.

Another type of wallet is the hardware wallet. This is a physical device that stores your private keys and interacts with the Ethereum network.

Hardware wallets are considered to be more secure than software wallets, but they are also more expensive.

The last type of wallet is the paper wallet. This is simply a piece of paper with your private keys printed on it.

Paper wallets are considered to be the most secure type of wallet, but they are also the most difficult to set up and use.

Once you have decided which type of wallet you want to use, you can get started by following the instructions on how to set up an Ethereum Wallet.