What is FCFS?
Let's find out FCFS meaning, definition in crypto, what is FCFS, and all other detailed facts.
First-Come, First-Served (FCFS) is a scheduling algorithm that is used by various operating systems. It's the most basic type of scheduling that resembles real-life customer service, where those who come first, get served first, no matter how big or intricate their requests are (just like when you go to a grocery store). It is one of the most effective and autonomous scheduling algorithms since it doesn't waste time prioritising tasks and requests based on their urgency or complexity.
Do note that it also might be reffered to as First-In, First-Out (FIFO) or First-Come, First-Choice (FCFC).
Now, even though the algorithm is mostly used in the field of computing, it's also used in the crypto world. To be more precise, FCFS algorithm is often utilized with NFT drops. Thus, when a new NFT collection is launched, you have to act quickly if you want to put your hands on these NFTs.
But why would traders want to compete? Well, mostly because NFT collections have a limited amount of assets, each of which are unique. So, if you want to get that specific NFT, you'll have to be fast or else you might never get a chance to get it.
The use of the FCFS algorithm in NFT drops often leads to gas wars, which happen when traders start increasing their gas fees in order to push their transactions to be confirmed faster.