What is a blockchain?
A blockchain is a distributed, cryptographically secured transaction ledger that records every transaction made within a network. Each network member owns a copy of the ledger, and no one person controls the ledger.
A blockchain also does not rely on any central authority to operate. Instead, it depends on a peer-to-peer network of computers to validate transactions and maintain the ledger's integrity.
Why do we need it?
We live in a world where we must constantly trust each other with sensitive information, transactions, and records; most of our interactions on the internet run on centralised web servers, and massive amounts of user information often exist in a single database.
These pose a few risks, as existing databases are designed to be managed by trusted administrators who can view, alter, block, and delete data. In addition to these risks, the centralised architecture of today’s internet is vulnerable to censorship and targeted attacks by hackers and malicious insiders.
The value of a blockchain is not only the network's certainty but also the ledger's immutability (it can never change). A blockchain network is less likely to fail and is harder to attack because it does not rely on any central authority to validate transactions.
Gas is the fee that must be paid to successfully complete a transaction on a platform.
On the Ethereum platform, "gas" is a unit describing the computational power required to perform specific tasks. Every Ethereum transaction consumes computational resources.
So, in essence, gas is a transaction (and computational) fee.
Why gas is a problem
As we have seen with blockchains such as Bitcoin and Ethereum. Gas prices continue to rise with no incentive to lower anytime soon.
This results in consistent congested and expensive networks and restricts the expansion of blockchain technology.
As we know, gas typically relates to the computational power required for any blockchain transaction. So gas can make networks slow.
XODEX uses zero gas
XODEX intelligently removes gas by having an efficient network that does not rely on the heavy resourcing of nodes. The network is already optimised to be fast, and with the complete removal of gas, the network can reach impressive speeds.