One post tagged with "gas"

The Gas has two components, a Limit and a Price. Thus, the work of the Ethereum network is ensured by:

• Ether (ETH) is the Ethereum network's native cryptocurrency, the second-largest by market cap on the crypto market.

• Gas is the unit of calculation that indicates the fee for a particular action or transaction.

• The Gas Limit is the maximum amount of Gas that a user is willing to pay for performing this action or confirming a transaction (a minimum of 21,000).

• The price of Gas (Gas Price) is the amount of Gwei that the user is willing to spend on each unit of Gas.

The gas count is fixed by the transaction complexity.

The gas price is determined by blockchain availability and congestion.

The gas spent is gas count * gas price.