Gas : The F"ing" Fees 🤟🏻

Gas Fees is the biggest pain and Dukh.Dard.Peeda for everyone in the web3 space. Let us uncover the concept of Gas Fees 🤓

What is Gas Fees?

Gas is the fee required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform. Fees are priced in tiny fractions of the cryptocurrency ether (ETH)—denominations called gwei (10-9 ETH). Gas is used to pay validators for the resources needed to conduct transactions.

Why do I have to pay Gas Fees?

The Ethereum gas fee exists to pay network validators for their work securing the blockchain and network. Without the fees, there would be few reasons to stake ETH and become a validator. The network would be at risk without validators and the work they do.

How is the Gas Fees Calculated?

The gas fee is calculated using Gas Limit * Gas Price per Unit. So if the gas limit was 20,000 and the price per unit was 200 gwei, the calculation would be 20,000 * 200 = 4,000,000 gwei or 0.004 ETH.

Enough of calculation. My brain rn - 🤯That's it for the day, Web3Shala Signing Off ✌🏻

Have a nice day :)Keep Learning 🙏🏻