Gas-related concepts
Gas fee
Fee paid to miners.
Take Ethereum as an example: when a user transfers money on the Ethereum network, the transaction can only be completed after miners pack this transaction and put it on the blockchain. This process consumes the computational power of the blockchain.
Different tokens are used for payment on different main networks: for example, the Ethereum network uses ETH, while OKC uses OKT.
Calculation formula of gas fee: Gas Fee = Gas Price * Gas Limit.
Gwei
Price per unit of gas.
Gas price is usually expressed in Gwei, 1 Gwei = 0.000000001 ETH.
Gas price
Gas Price refers to the amount of Gwei.
It affects the speed of a user’s transaction. If you set a higher gas price, miners will likely prioritize your transaction. On the contrary, if you lower the gas price, your transaction will typically take more time.
Gas limit
Defines the maximum amount of gas an operation can use before each transaction or contract order.
If the amount of gas used in this operation is less than or equal to the gas limit set by the user, the operation will be executed.
Transactions with a lower gas limit than the gas actually used will never execute. In this case, you will not be refunded the gas spent.
The gas limit is usually set at a standard of 21,000.
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