Friday, April 22, 2022

Gas

Gas: awarded to node operators for successfully including a transaction on a blockchain (adding a transaction to a blockchain).


The amount of gas a certain transaction requires depends on how "computationally intensive" that transaction is, for example, sending crypto to one address would require less gas than sending crypto to 100 addresses.


Gas: measure of computation use

Gas price: how much it costs per unit of gas

gas limit: maximum amount of gas for a transaction

transaction fee: (gas used) x (gas price)

for example:

16,000 gas @ 1 GWEI per gas = 16,000 GWEI


Gas prices fluctuate based on demand on the blockchain.


Source:

Patrick Collins

https://www.youtube.com/watch?v=M576WGiDBdQ&t=191s



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