Ethereum vs ripple: Does Ethereum have a proportional transaction fee?
When it comes to cryptocurrency transactions, fees can be a significant cost. Two prominent players in the space are Ethereum and Ripple. Although both networks offer similar services, one of the most commonly discussed topics is whether Ripple charges a proportionate transaction fee, which means that users pay only 1% of the transaction amount.
Short history
In 2014, Ripple was founded by Jed McCaleb, who also confronted Bitconnect. Initially, the Ripple protocol was designed to allow fast and cheap cross -border transactions using blockchain technology. The net quickly gained attraction, and in 2017 it raised more than $ 30 million funding for distinguished risk capitalists.
RIPPLE’s fees
Basically, Ripple is a canvas network that allows users to send a crypto currency without the need for intermediaries like banks or exchange. To facilitate these transactions, Ripple charges a small fee, which varies depending on the user and the amount of the transaction.
However, one of the most controversial aspects of Ripple’s fees is whether they are proportional to the amount of transaction. Unlike Ethereum, Ripple does not charge users a fixed percentage of their transaction fees, but a variable rate that depends on the amount of transaction transaction and the state of the account.
Ethereum: Does the Ethereum charged a proportional fee?
Now, let’s look at Ethereum, another main player in the cryptocurrency area. Ethereum is a blockchain open code network that allows developers to build decentralized applications (DAPPS) using its home crypto currency, ether (ETH).
Transactions on Ethereum
On Ethereum, transactions fees can range from 0.0001 eth to 10.00 ETH per transaction, depending on the account of the account and complexity of the transaction. However, unlike Ripple, Ethereum charge users a fixed percentage of their transactions fees, which is currently 25% in most cases.
This means that if the user sends the CRIPTO currency 100 eth using his ether balance, he would pay only about $ 25 (1%) as a transaction fee, reduced to all applicable transaction processing fees.
Comparison and Conclusion
Although Ethereum charges users a fixed percentage of their transactions fees, Ripple’s fees are more variable and dependent on the account of the account user. The 0.0001 eth to 10.00 eth per range of transactions on the Ethereum is significantly lower than Ripple’s proportional fee structure.
However, it is crucial to note that both networks have their strength and weakness. Fixed percentage of Ethereum can be cheaper for users with greater etheric conditions, while Ripple’s variable fees can be more appropriate for smaller transactions or users with limited means in their accounts.
In conclusion, the answer to whether the Ethereum charges a proportionate transaction fee, because they do not charge a fixed percentage of fees, but instead have a variable structure of the fee. On the other hand, Ripple’s fees may differ depending on the condition of the user and the account, offering a flexible option for users with smaller transactions or limited means.
Sources:
- Weexchange (Ripple Gateway): “How does Weexchange work?”