What is Ethereum "Gas" - Crypto Whiteboard 101

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Avatar for The.Part.Time.Economist
Written by
3 years ago
In community: Cryptocurrency and Blockchain(7b7f)



"Gas" is a term that is used to describe the amount of computational power needed to execute transactions on the Ethereum blockchain. However, the total cost of a transaction depends on both the gas amount and the gas price (gwei) which can sometimes be confusing for beginners. In this video, I'll explain the basics of "gas" in less than two minutes.

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Comments

Hmm.. basically this is like there is one gas station in a city that can fuel 10 cars per day. Owner of this gas station will serve those cars where owners can pay more. There is no limit that they can request so the best fix is not drive this types of cars anymore and not to fuel them at all ! Just changing type of transport

https://ethgasstation.info/

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User's avatar Swca.ch
3 years ago

Something has to change. I know that Publish0x delayed their payouts this week due to gas prices being over 400. I suggested that they begin considering non-ERC 20/ETH tokens. It simply is too much of a dependency to rely on a chain that has no cap on the potential gas price. I remember the first time prices hit 100, then 200, now over 400, and there is technically no upper limit to the gas prices. ETH 2.0 needs to arrive soon or people will migrate to other blockchains IMO.

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User's avatar The.Part.Time.Economist
3 years ago

There is not a lot for f specifics on 2.0. what happens with the tokens on the current to platform , what fees will be? There can be many surprises or missed expectations.

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User's avatar Swca.ch
3 years ago
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