Gas - Reading Assignment

Blockchain Business Course
#181

  1. How do we calculate the total gas cost for a transaction?
    The cumulative sum of all the operations is the total gas cost for the transaction. So if you have a lot of operations the gas fee will be high.

  2. What is gas limit?
    Maximum amount of gas you are willing to spend on the transaction.

  3. What happens if we specify a gas limit that is too low?
    It will result in a failed transaction. You will not get back ether spend on the gas used.

  4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
    Gas limit for transaction is 21000 + the amount to execute.You cannot exceed this amount if you wish for your transaction to be processed.High value for the gas limit fills up the block gas limit, but isn’t computationally-dense enough for miners and miners only get paid for the actual gas consumed by a transaction.

  5. What is a gwei?
    Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.

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#182

  1. How do we calculate the total gas cost for a transaction?
    by adding the gas price for all the operations of a transactions together

  2. What is gas limit?
    the max amount one is willing to pay for a transaction

  3. What happens if we specify a gas limit that is too low?
    the transaction will fail. The gas payed will stay with the miners.

  4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
    you get a refund of the extra gas

  5. What is a gwei?
    a gwei is 1000000000 wei, which is the smallest unit of eth.

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#183

1)How do we calculate the total gas cost for a transaction?
each calculation has a certain price from 0-500 gas

  • the tx on the ETH network requires additional fees:
    calculation operations + fees = cost for tx

2)What is gas limit?
Gas Limit is the maximum amount of gas allotted to the transaction
eg 21000 times of gas of the value 20 gwei

3)What happens if we specify a gas limit that is too low?
the miner takes the gas and you keep the ETH or tokens because they are still unspent

4)What happens if we specify a gas limit that is too high and therefore not consumed fully?
excess gas will be refunded

5)What is a gwei?
1,000,000,000 wei is 1 gwei
1,000,000,000 gwei is 1ETH
1,000,000,000,000,000,000 wei is 1 ETH

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#184

  1. add up al pre determined costs per operation but the tx cost is subject to a minimum of 2100 gas plus the cost of any fall back functions if its sent to a contract.

  2. gas limit = maximum amount of gas you are willing to pay per tx

  3. the tx will start but then fail. Any Ether spent on used gas will not be returned although no tranfer of etherwill take place: TX failed is not added to a block

  4. because ethereum blocks have gas limit size it is likely the tx’n will stay in the mempool as miners will not want to deal with the tx because it is not computionally dense enough. This is miners only get paid for actual gas consumed to perform a tx

  5. gwei = fractional part of Ether in that is represents 1000 00 00 00 wei (smallest unit of ether)

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#185

  1. " Every node in the Ethereum network executes operations within the EVM to ensure redundantly correct execution and relies on consensus to agree on the answer.
    All transactions, from simple transfers to ICO smart contracts, require some amount of operations to perform. Each of these operations has an associated cost in gas. Thus, simple transactions like transfers will require less gas to perform than more intense smart contracts. The cumulative sum of all the operations is the total gas cost for the transaction."

  2. Gas fees in gwei are payments made by users to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain. “Gas limit” refers to the maximum amount of gas (or energy) that you’re willing to spend on a particular transaction.

  3. If we specify a gas limit too low - The transaction will start to be executed, but will eventually run out of gas and be stopped. When this happens, parties will not get back ether spend on the gas used, but since the transaction did not complete, the blockchain does not reflect a transfer, so the main funds essentially never left the wallet.

  4. Drawbacks to setting the gas limit too high are that the gas limit that you set may exceed the block gas limit, in which case your transaction will not be executed. Also, as the gas limit gets higher, miners become more reluctant to execute the transaction. Correct me if I am wrong - The general mining algorithm opts for the highest gas price and the lowest gas limit (the reason for the lowest gas limit is that more transactions can be squeezed into the same block).

  5. Gwei is a denomination of the cryptocurrency ether (ETH), which is used on the Ethereum network to buy and sell goods and services. Gwei is the most commonly used unit of ether because gwei can specify Ethereum gas prices easily. 1 ETH = 1000000000 Gwei

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#186

Amazing answers as always Drew. You really are doing a great job to absorb all the knowledge from the academy courses. :100:

Carlos Z.

#187

1: By adding the cost of processes used in the transaction. Each TRx has a specific amount. simple operations are not expensive ,complex operations such as smart contract are very expensive.

2: The maximum amount for the total transaction to be executed

3: If a TRx fails because of lack of gas the TRX will stop where the gas runs out, the miner will keep the ether and the money never leaves the wallet

4:It will be refunded as eth

5: it is a unit representing unit of an ether representing 1,000,000,000,000 Wie

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#188

[quote=“filip, post:1, topic:6412”]

  • How do we calculate the total gas cost for a transaction?
    It is calculated on the amount of computation required to complete the Tx. Each computation has a pre specified fee.
  • What is gas limit?
    A gas limit is the maximum amount of gas that can be used in a tx
  • What happens if we specify a gas limit that is too low?
    The TX will start to be executed but it will result in a failed tx because it would run out of gas during part of the execution and the miner will keep the gas fee already spent and because the transaction did not complete, the blockchain would not reflect a transfer, so the main funds essentially never left the wallet.
  • What happens if we specify a gas limit that is too high and therefore not consumed fully?
    Blocks have a gas limit that specifies the maximum amount of gas all transactions in the block can consume so miners only get paid for the actual gas consumed by a transaction, not by the amount that was specified, so in this scenario the miners will get the fee for gas consumed and the client will be returned the remainder.
  • What is a gwei?
    A gwei is a smaller unit of Ether. You spend gas with Ether and gwei is smaller amount of Eth charged for a tx.
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#189
  1. How do we calculate the total gas cost for a transaction?
    Transactions on the Ethereum network require fees in the form of gas . The amount of gas depends on the amount of computation required to complete the transaction.
  2. What is gas limit? Gas Limit is the maximum amount of gas allotted to the transaction, 21000 being sufficient for simple transfers and much higher amounts for transfers to smart contracts like those in ICOs.
  3. **What happens if we specify a gas limit that is too low?**Insufficient gas in the Gas Limit will result in a failed transaction, the fee paid will be lost, but the ether transferred never leaves the wallet since the blockchain was never updated.
  4. What happens if we specify a gas limit that is too high and therefore not consumed fully? You cannot exceed the max amount if you wish for your transaction to be processed. Also, miners only get paid for the actual gas consumed by a transaction, so putting a high value for the gas limit fills up the block gas limit, but isn’t computationally-dense enough for miners to want.
  5. What is a gwei? gas limit is just a simple quantity, gas price is measured in ether (specifically some amount of wei, usually gwei).
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#190

1. How do we calculate the total gas cost for a transaction?
The total gas cost is the current price of each unit of gas multiplied by the number of gas required to complete the transaction

2. What is gas limit?
The maximum amount of gas that someone is willing to spend on a transaction.

3. What happens if we specify a gas limit that is too low?
The transaction will not be confirmed and will fail

4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
Excess gas will be returned to you. But if you put over the limit of the block the transaction won’t be executed.

5. What is a gwei?
A unit of gas representing 1000000000 wei which is the smallest fraction of Ether

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#191

  • How do we calculate the total gas cost for a transaction?
    A: The cumulative sum of all the operations is the total gas cost for the transaction.

  • What is gas limit?
    A: The MAXIMUM amount of gas you are willing to spend on the transaction.

  • What happens if we specify a gas limit that is too low?
    A: Your transaction will start to be executed, but will eventually run out of gas and be stopped. When this happens, you will not get back ether spend on the gas used, but since the transaction did not complete, the blockchain does not reflect a transfer, so the main funds essentially never left the wallet.

  • What happens if we specify a gas limit that is too high and therefore not consumed fully?
    A: Putting a high value for the gas limit fills up the block gas limit, but isn’t computationally-dense enough for miners to want. The unused gas is refunded but the transaction might not be processed as each block has a gas limit.

  • What is a gwei?
    A: Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.

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#192

  1. Each performance of operation generates a Gas cost .

  2. Minimum Gas limit is 21000 the required amount for a fall back on each transaction. It requires a certain amount to complete. It’s simple. If you don’t produce enough gas for the tx it will be declined an you will loss you’re gas fee.

  3. Declined

  4. You will get some change back on TX fee. (Gas)

  5. gas price is measured in ether (specifically some amount of wei, usually gwei).

The value of gas is driven by the market and the nodes that prioritize higher gas prices when mining transactions. Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.

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#193
  1. How do we calculate the total gas cost for a transaction? Current costs for given txs can be viewed on Etherscan; wallets can also calculate this for you based on how fast you want the tx to complete
  2. What is gas limit? The maximum amount of gas you’re willing to pay to process a specific tx
  3. What happens if we specify a gas limit that is too low? The tx will fail and become void. You’ll lose the gas fee to a miner
  4. What happens if we specify a gas limit that is too high and therefore not consumed fully? The tx will complete and you’ll get a refund for the unspent gas
  5. What is a gwei? A unit of ether equal to 1,000,000,000
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#194

  1. Add up the sum of all items in the price chart.

  2. The maximum amount you are willing to spend on a transaction.

  3. The transaction will begin and when running out of GAS the transaction will cancel. Funds didn’t left your wallet but you still pay the GAS fee.

  4. The GAS will be refunded.

  5. Wei is the smallest unit of Ether. Gwei is 1000000000 wei.

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#195

5. What is a gwei?

Hello sir, a unit of what exactly?

If you have any more questions, please let us know so we can help you! :slight_smile:

Carlos Z.

#196

gwei = 1 billion wei.

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#197
  • How do we calculate the total gas cost for a transaction?
    By summing up all the cumulative sum of all the operations
  • What is gas limit?
    This is the total amount of gas the user is willing to commit to any transaction
  • What happens if we specify a gas limit that is too low?
    The Operation will be stopped before it finalises, the limited gas spent will not be return but the actual transaction will not go through from the wallet.
  • What happens if we specify a gas limit that is too high and therefore not consumed fully?
    Miners will only take the exact amount of gas necessary for the computation and the unspent will be refunded.
  • What is a gwei?
    Is the equivalent of 1,000,000,000 unit of gas measurement.
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#198
  1. It’s programmed into the protocol based on desired action.
  2. Maximun amount you’re willing to spend.
  3. Transaction doesn’t come thru but you loose your gas.
  4. Only the maximum amount of gas that fit into a block is consumed, rest is “refunded” in wallet.
  5. It’s 1000000000 wei :stuck_out_tongue:
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#199
  1. The total sum of all of a particular transaction
  2. The maximum amount of gas you are willing to spend on a transaction.
  3. The transaction may fail and miner may keep the fees
  4. We may receive the unspent gas automatically
  5. A gwei is a billion wei. A wei is one unit of Ether
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#200
  1. How do we calculate the total gas cost for a transaction?

Each transaction is a sum of operations. Each operation cost an amount of gas to perform. Thus the total gas cost per transaction depends on how many operations is required to execute that transaction.

  1. What is gas limit?

The maximum amount of gas a sender is willing to spend on the transaction.

  1. What happens if we specify a gas limit that is too low?

The transaction stops and does not execute. Also the sender loses the gas used up to the point of stoppage.

  1. What happens if we specify a gas limit that is too high and therefore not consumed fully?

Any extra, unspent gas is refunded.

  1. What is a gwei?

Is a divisible unit of ether. Similar to satoshis being a divisible unit of bitcoin.

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