What is a transaction?
Transaction is the way the external world interacting with the blockchain network. Transaction is used when we wish to modify or update the state stored in the blockchain network.
The two main factors influencing the transaction time are:
1. The amount of network activity
2. Transaction fees
Chainsfr automatically chooses the median of transaction fees from the last several blocks, assuming a typical daily transaction volume, the average time it takes to complete one transaction is
- 15 seconds for ETH, DAI and other ERC20 tokens (1 confirmation)
- 60 minutes for BTC (6 confirmations)
The average fee per transaction is listed below:
- ~ 0.04 USD for ETH, DAI and other ERC-20 tokens
- ~ 1 USD for BTC