As Ethereum adoption increases, the need for an enterprise grade Ethereum wallet has never been more important. Exchanges and institutional cryptocurrency users want a scalable, flexible, and user-friendly wallet that keeps fees low without compromising security.
BitGo's smart contract wallets allow users to realize meaningful reductions in ETH costs while also benefiting from the most secure, transparent, and scalable wallet technology on the market.
- Secure - BitGo smart contracts are highly optimized for both hot and cold wallets. They have been also audited by top firms such as Quantstamp, OpenZeppelin, CertiK, and Coinspect to ensure they maintain the highest levels of security.
- Accessible - BitGo Ethereum hot and cold wallets can interact with any decentralized finance application. Approvals are required while interacting with DeFi to safeguard user funds.
- Scalable - BitGo smart contracts are built to reduce both transaction fees and complexity. BitGo has processed millions of transactions with its open source 2-of-3 multi-sig implementation.
- Transparent - Our hot wallets are completely user controlled, and our open source software allows users to prove ownership and recover funds without the involvement of BitGo.
What Are Ethereum Gas Fees?
Gas fees pay for work done on the Ethereum network
. Gas is a unit that measures the amount of computational effort required to execute specific operations on the network. For example, executing a transaction, and adding it to the blockchain, takes computational work. This effort is paid for in transaction fees that are measured in gas.
Gas price adjusts to both network congestion and transaction complexity. The busier the network, the higher the fees to join the queue of transactions waiting their turn to be “confirmed” on (or added to) the Ethereum ledger. And when a transaction is computationally complex, it also costs more.
Transaction Fees = Gas Used × Gas Price