What are Gas Price & Gas Limit? How to optimize Gas Fee in transactions

So what is Gas Fee, gas price & gas limit? How are they different? Let's go through today's article with Avaxholic below. What is Gas Fee? Gas Fee is a fee that you have to pay for a transaction to be made. Gas is a unit of measurement for the computer energy needed to perform a specific transaction on the Internet Network. In the picture below, you can observe the execution of a transaction that goes through many computational steps, each of which requires gas to proceed. Thus, Gas will be used to: Complete Exchange.Execution Smart contracts.Launching decentralized applications (dApps)Data storage payment. For example, if you want to make a transaction to transfer 1000 ETH to another wallet on the Ethereum network, you need some gas to conduct the transaction ⇒ The gas will be converted into ETH. What is the difference between Gas Limit and Gas Price The structure of Gas Fee will include 2 parts: What is Gas Limit? Gas Limit is the maximum amount...
Source : What are Gas Price & Gas Limit? How to optimize Gas Fee in transactions

Comments

Post a Comment

Popular posts from this blog

Future Subnet: Numbers Blockchain Testnet (Snow) Launch

Image
Numbers Blockchain is thrilled to announce the debut of their official Testnet (Snow). They welcome the public to participate in the testing of the new platform and to offer suggestions so that they may improve their offering. About The Launch Of Testnet (Snow) As they get closer to the Mainnet (Jade) launch, their team is working assiduously to enhance their network and leverage the potential of Numbers Protocol and the Web 3.0 decentralized picture network it enables. The first step will be the deployment of the Testnet (Snow), which will be an essential part of the Numbers Blockchain and enable the fundamental operations of the Numbers Protocol. By giving people and platforms the means to secure their assets through blockchain technology, it will also enable Numbers Protocol to demonstrate its actual worth to the digital media field. “The release of an official blockchain is one of the most exciting things a Web3 project can do. We are looking forward to seeing Numb... Sourc
Read more

New Future For AVAX: Emin reveals roadmap of Avalanche

Image
Hello Avaxholic, is your last week updated with useful news? Today, we want to bring to you a hot story of Ava Labs's CEO when in Avalanche Summit's Interview with Cointelegraph. About The Meeting With Emin For Avalanche Summit, Cointelegraph's staff went to Barcelona, Spain. They are thrilled to speak with Emin Gün Sirer, the founder and CEO of Ava Labs, in this initial interview from the occasion. Benton and Emin discuss the Avalanche ecosystem's future, the motivations behind the creation of Ava Labs, the secrets to success, and some forecasts for the year 2022. Besides being asked about the secret of Avalanche's rapid and outstanding success, Emin is also expected to answer about Avanche's future through a question about Ava Labs related to bridges: “Is interoperability an area of development focus for Ava Labs?” “Absolutely. So we're thrilled about the bridge that we ourselves built because it's so cheap to use for value transfers. There are o
Read more

REIT — The foundation for the development of METAIN

Image
With a view to creating values of humanism, METAIN desires to share the burden of investment capital for young people, especially those with an average income, which means that they can still enter this market and make efforts to create a solution for their own lives. In other words, everyone is provided with a chance to invest in real estate in the central areas of big cities — something that is quite difficult for an average person to do. METAIN “forces itself” to operate according to REIT regulations to provide the highest security for investors’ interests. METAIN also applies blockchain technology to make “investing in a million-dollar real estate” a reality, even if you are not a millionaire. With only 10 USD, investors can have a chance to co-invest a part of properties located in the center of Ho Chi Minh City and Hanoi. Thereby, METAIN can help investors with a small amount of idle money to earn extra monthly income safely and effectively. Throughout the REIT’s histor...
Read more