When you return to http://getweb3.HipHop, you may have to enter the domain name again and connect your wallet again. However, now you should be able to jump to step 3 to "Link" your .HipHop domain name. To do this click on the work "Link". The .HipHop Bridge Tool will check to see if the TXT record you entered matches the wallet you have connected to the Bridge Tool. If it states that the "TXT record cannot be found" you may have to wait until the DNS propagates.
Eventually, the system will see the TXT record and display the costs associated with Linking your domain name. This will include the "link fee" of $20 and any associated "gas" fees which are charged by the Ethereum Network. This may add anywhere from $2 to $45 depending on the amount of traffic on the Ethereum network. If it is on the higher side, you may want to wait until a later time to Link. See below for more information on Gas Fees.
When you are ready to proceed, click to confirm the transaction. Your wallet will open up and the fees will be deducted from your wallet. Congratulations, you now have linked your new Web 3.0 .HipHop domain name to Your Web 2.0 .HipHop domain name.
What are Gas Fees?
Ethereum uses a system called "gas" to power transactions and smart contracts execution on the network. Gas refers to small amounts of Ether (the cryptocurrency of Ethereum) required to conduct transactions.
Gas fees are paid in Ether and are collected by the Ethereum miners that process the transactions and execute smart contracts. The gas acts as an incentive for miners to prioritize and validate transactions.
Each transaction or contract execution requires a certain amount of gas to cover the computing resources required. More complex executions require more gas.
Gas prices fluctuate based on network demand and mining capacity. If there is high network activity, gas prices increase as users compete to get prioritized by miners. When the network is underutilized, gas prices can be very low.
Gas price is determined by an auction system. Users set the gas price they are willing to pay when submitting a transaction. Miners will prioritize transactions with higher gas prices.
Total transaction fees = Gas Used x Gas Price. Users can see an estimate before sending a transaction and getting a confirmation. Unused gas is refunded.
Developers can optimize contracts to be as gas efficient as possible, reducing fees for users. But complex contracts will still incur higher fees.
Solutions like sharding are being developed to scale Ethereum and lower gas fees by spreading transactions across multiple chains parallel chains.
So in summary, gas fees ensure the Ethereum ecosystem functions efficiently by compensating miners proportionally to their work validating transactions and smart contracts.
