Gas - Reading Assignment

[Jbomb2020]

1. The cumulative sum of all the operations is the total gas cost for the transaction.

2. 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. the fee paid will be lost, but the ether transferred never leaves the wallet since the blockchain was never updated.

4. The minimum gas limit for transaction is 21000 + the amount to execute any fallback functions if it’s sent to a contract, but the actual blocks also have a gas limit that specifies the maximum amount of gas all transactions in the block can consume.

5. gwei is a fraction of a single ether coin. to put into perspective as shows in the article, gwei is simply 1000000000 wei.

[kengin2013]

1. How do we calculate the total gas cost for a transaction?
   By calculating the cumulative sum of all the operations carried out in the transaction
2. What is gas limit?
   Gas Limit is the maximum amount of gas allotted to the transaction
3. What happens if we specify a gas limit that is too low?
   The transaction will fail, the fee will be lost, and 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?
   The actual blocks also have a gas limit, set by the miners, that specifies the maximum amount of gas all transactions in the block can consume, which is also the limit paid to miners. 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? Gwei is 10e9 times the smallest unit of ether

[cardacker]

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.

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

What happens if we specify a gas limit that is too low?
Your transaction will start to be executed, but will eventually run out of gas and be stopped.

What happens if we specify a gas limit that is too high and therefore not consumed fully?
You cannot exceed this amount if you wish for your transaction to be processed.

What is a gwei?
Gas Price is the price of each gas unit measured in a fractional amount of ether, typically gwei.

[Renz]

1. The cumulative sum of all the operations is the total gas cost for the transaction.

2. The Gas Limit is the maximum amount of gas you are willing to spend on the transaction.

3. 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 the Ethereum spent 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. 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. Gwei is 1000000000 wei; They are both names for small amounts of Ethereum.

[cge5009]

1. The EVM calculates how much gas the transaction or operation requires and when executed charges those amounts as it executes the code. If we are just trading then the gas fee can be whatever the trader wants based on the current market price of gas.
2. The gas limit is the highest amount of gas that a block can have.
3. Then the operation could run out of gas mid execution, this would cause the execution to stop and we would lose all gas that we had submitted for the operation.
4. Then it would get refunded however miners can see proportions of gas to predicted gas that will be consumed so submitting high gas won’t necessarily get your operation mined faster as the extra gas is still going to get refunded to you.
5. It is 1,000,000,000 wei which is the unit for gas on the Ethereum chain. It is also the stand denomination that is used to talk about gas.

[Gavada]

1. every transaction has a total amount of operations to perform and every operation has a price => total price=sum of prices for every operation
   2.maximum amount of gas wiling to be spent for an operation
   3.the transaction will start to execute but it will stop when it runs out of gas
   4.unspent gas is refunded automatically
2. ether unit ‘gwei’: ‘1000000000’,

[Danielito]

1. How do we calculate the total gas cost for a transaction?
Each operation in a transaction associated cost in gas. The cumulative sum of all the operations is the total gas cost for the transaction

2. What is gas limit?
Its the max amount of gas you want to spend for a transaction to go through. The minimum is 21000

3. What happens if we specify a gas limit that is too low?
Processing of a transaction will be stopped at the point of running out of gas. Providing too little gas will result in a failed transaction, the fees are kept by the miner.

4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
Extra, unspent gas is refunded automatically

5. What is a gwei?
Gwei are 1000000000 wei. Wei is the smallest unit of an Ether, similar like a Satoshi

[THeikkila]

1. The cumulative sum of all the operations is the total has cost for the transaction.

2. Maximum amount of gas that we allow transaction to spend.

3. The gas will run out and the transaction won’t go through. In that case we are going to lose that gas fee.

4. The remaining gas will be refunded to us.

5. It is ether unit used in gas price.

[CarpeDiem59]

1. How do we calculate the total gas cost for a transaction?
A: It is the sum total of gas charged per operation in the transaction.
2. What is gas limit?
A: The maximum amount of gas you are willing to pay for the transaction to be completed.
3. What happens if we specify a gas limit that is too low?
A: Once the specified amount is spent, the transaction halts and is therefore incomplete and the gas is not refunded.
4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
A: The excess gas is automatically refunded.
5. What is a gwei?
A: A GWEI is the standard unit of gas and is equal to 1/billionth of an Ether.

[m_tag8]

@filip

How do we calculate the total gas cost for a transaction?

The EVM will calculate the total gas price of all operations.

@filip

What is gas limit?

The amount of gas a person is willing to spend.

@filip

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

It will start to execute but will ultimately fail.

@filip

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

If it exceeds the gas limit it will not get processed and the person will not get a refund.

@Christian_Lawson

What is a Gwei?

It is what the gas price is measured in. It is 1000000000 wei.

[Korpelanvoima]

1. How do we calculate the total gas cost for a transaction?

• by the type/size of the transaction.
• for example to use cost per item chart

2. What is gas limit?

• the maximum amount of gas that you are willing to spend for the transaction

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

• eventually, the transaction will not happen/complete but you will lose spent gas

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

• miners will get paid by the consumed gas, and the rest will return to you.
• gas is like a block size in BTC and if the limit is set up too high, the transaction may not be taken by the miners

5. What is a gwei?

• Gas unit of 1000000000

[Joao_Folhas]

1- The amount of gas depends on the amount of computation required to complete the transaction.

2- Gas Limit is the maximum amount of gas the user is willing to pay for a transaction

3- Insufficient gas 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- Unspent gas will be refunded automatically.

5- Wei is the smallest unit of ether, and gwei is 1000000000 wei

[KlodyCodez]

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.

2. What is gas limit?
   The 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?
   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.

4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
   You cannot exceed this amount if you wish for your transaction to be processed.

5. What is a gwei?
   gas price is measured in ether usually in gwei which is simply 1000000000 wei.

[Lena]

1. You have to calculate the sum of all operations for the tx.

2. Maximum amount you are willing to spend on the transaction.

3. Gas fee payed will be lost to the miner and transaction will fail.

4. It is automatically refunded.

5. The smallest part of Ether is wei, 1 gwai = 1000000000 wai.

[GustavBirgersson]

1. You can use etherscan or sum all the transaction and calculate manually.
2. The minimum cost of gas a user is willing to pay for a transaction.
3. The transaction will not go through but the blockchain will not register it so nothing will happen with your balance.
4. It will be refounded automatically.
5. Wei is the smallest unit of ether and one gwei is = 1 billion wei.

[shonesto]

1. How do we calculate the total gas cost for a transaction?
   the the MAXIMUM amount of gas you are willing to spend on the transaction.
2. What is gas limit?
   the the 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?
   If you run out of gas the execution of code will stop and the miners will keep the fees used for executing
4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
5. What is a gwei?
   Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.

[gregsmittie]

1. How do we calculate the total gas cost for a transaction?
   Gas Limit X Gas Price (typically in gwei)
2. What is gas limit?
   Is the minimum gas for a transaction. As of the article this was 21000
3. What happens if we specify a gas limit that is too low?
   It results in a failed transaction and the fees are kept by the miner.
4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
   It is refunded automatically
5. What is a gwei?
   1 gwei = 0.000000001 ETH or 1 ETH = 1,000,000,000 gwei

[Saula_Atama]

How do we calculate the total gas cost for a transaction?
By adding all thegas required to run the code in the transaction and converting that to ETH.

What is gas limit?
Max amount gas that you pay to run a program.

What happens if we specify a gas limit that is too low?
Transaction wont follow through and we wont lose any funds.

What happens if we specify a gas limit that is too high and therefore not consumed fully?
Any left over gas will be returned to the owner.

What is a gwei?
The smallest unit of ether, where gwei equals 1 billion wei

[Ivan_Z]

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.

2. What is gas limit?
   Means the maximum amount of gas you want to spend on a transaction.

3. What happens if we specify a gas limit that is too low?
   Miners will start processing until they run out of gas, with the result that the transaction is eventually not completed, the funds will have never left the wallet, but we have lost the gas.

4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
   Unspent gas is automatically refunded. If the gas limit of the blocks is exceeded however, the tx will not be processed.

5. What is a gwei?
   Gwei is the smallest fraction of Ether (1/1.000.000.000)

[Jill_Brewer]

1. Gas fees are market driven, determined by nodes, based on how much computation is required to complete the transaction.

2. A gas limit is the maximum amount of gas allotted to the transaction.

3. If the gas limit is too low, the transaction will fail. Fees will be kept by the miner, but the ether never leaves the wallet.

4. If we specify a gas limit that is too high, we will be refunded the unspent gas automatically.

5. A gwei is a fraction of ether, whereby wei is the smallest unit, and gwei is 1,000,000,000 wei.