Gas - Reading Assignment

[I_Am_Tucky]

@filip

• How do we calculate the total gas cost for a transaction?
• What is gas limit?
• What happens if we specify a gas limit that is too low?
• What happens if we specify a gas limit that is too high and therefore not consumed fully?
• What is a gwei?

1. The user sets the gas price based on what they are willing to pay
2. The maximum amount you are willing to spend to process the transaction
3. The gas is spent but the transaction is not completed
4. Excess gas is returned to the original user
5. gwei is the unit of measurement for gas

[AKotell]

Gas - Reading Assignment;

Q1: How do we calculate the total gas cost for a transaction?
A: The total gas cost for a transaction is calculated by combining each gas cost per operation included in the transaction producing a single cumulative gas cost for the transaction.

Q2: What is the gas limit?
A: The gas limit is the maximum amount of gas you are willing to spend on the transaction.

Q3: What happens if we specify a gas limit that is too low?
A: If we specify a gas limit that is too low, the transaction will start to execute but will eventually run out of gas and be stopped resulting in a failed transaction, the fee for which will be lost, but the ether transferred never leaves the wallet since the blockchain was never updated.

Q4: What happens if we specify a gas limit that is too high and therefore not consumed fully?
A: If we specify a gas limit that is too high and therefore not consumed fully, the extra unspent gas is refunded automatically.

Q5: What is a gwei?
A: WEI is the smallest unit amount of Ether, and GWEI is 1,000,000,000 WEI or 1 billion WEI.

[LukeS]

1. By adding the cost of all operations in a smart contract.
2. Gas limit is the Max amount of gas you are willing to spend on the transaction.
3. If you specify too little gas, the transaction will run out of gas before fully executing each line of code and therefor stop, not completing the transaction.
4. Extra Gas is refunded
5. Gwei is 1000000000 wei or 0.000000001 ether

[gravity]

1. you add up the gas cost for all the lines of code in a smart contract that will need to be executed
2. the maximum amount of gas you’re willing to pay for the transaction
3. the transaction will not go through and you get the bulk of the money back. but the calculations that was run will still be charged, so you lose a bit of gas still.
4. the transaction will sit in the mempool for a long time as miner will not select the transaction as actual gas consumed for the transaction won’t reach the limit.
5. that is 1000000000 wei.

[Oliver73]

• How do we calculate the total gas cost for a transaction?
  Add up all the gas costs for executing each part of a transaction and use of a smart contract.

• What is gas limit?
  It is the maximum cost of gas a user is willing to pay for a transaction or deployment of a smart contract.

• What happens if we specify a gas limit that is too low?
  The transaction will not execute fully and be rejected. The Ether transaction fee will be lost, but the main funds, if the transaction was sending funds, will not leave the wallet.

• What happens if we specify a gas limit that is too high and therefore not consumed fully?
  Unspent gas will be refunded automatically.

• What is a gwei?
  1 gwei is 1 billion wei. A wei is one unit or Ether.

[dsutter]

1. To calculate the total gas cost for a transaction, you sum up the cost of each operation in the transaction.

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

3. If you specify a gas limit that is too low, the transaction will not complete and the gas fees will be kept by the miner.

4. If you specify a gas limit that is too high, the part that is not used is refunded.

5. gwei is 1,000,000,000 wei, and wei is the smallest unit of ether.

[tojimmys]

1. How do we calculate the total gas cost for a transaction? Adding up the gas charged for each part of the code that is to be executed, different code functions have different costs.
2. What is gas limit? The maximum amount of gas you are willing to spend to have your transaction completed.
3. What happens if we specify a gas limit that is too low? When your transaction runs out of gas before it is finished because you specified a limit that was too low the transaction will fail (you dont get it back but also you havent lost the value of the transaction that failed either since it was never recorded into the blcokchain).
4. What happens if we specify a gas limit that is too high and therefore not consumed fully? The extra gas is refunded.
5. What is a gwei? gwei is how the gas price is measured and is the smallest factional representation of ether.

[vegas316]

1. Total gas required is the sum of all of the independent operations contained in each line of the smart contract code. (Or the cost for single atomic transactions like “transfer”).
2. Gas limit is the max amount of gas you are willing to pay for a transaction
3. If not enough gas is specified, the transaction will fail (“Out of Gas”), the spent gas will be lost, and the transaction will be rolled back.
4. Unspent gas is refunded
5. One gwei is 0.000000001 ETH.

[Denis_Petitclerc]

1. Gas limit (unit) multiple by the gas price (Gwei usually between 20-30 avg.).

2. Maximum amount of gas that we’re willing to spend for a transaction.

3. The transaction will fail and the fees are kept by the miner.

4. Extra, unspent gas is refunded automatically.

5. Like the gallon for physique gas and its measure is 1000000000 wei = small unit of ether.

[Faisal_Harianawalla]

1. How do we calculate the total gas cost for a transaction?
   It is a factor o gwei multiplied by something else to give total ether cost
2. What is gas limit?
   max willing to pay
3. What happens if we specify a gas limit that is too low?
   transaction will be stuck
4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
   any unspent will be refunded
5. What is a gwei?
   a smaller factor of ethereum

[jopa]

• How do we calculate the total gas cost for a transaction?
  The amount of gas depends on the amount of computation required to complete the transaction.

• 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.

• 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.

• What happens if we specify a gas limit that is too high and therefore not consumed fully?
  Miners will not want to deal with that transaction because Ethereum blocks have a gas limit size and they only get paid for the actual gas consumed in the transaction.

• What is a gwei?
  Gwei is 1000000000 wei, and wei is the smallest unit of ether.

[Edvins]

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. 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?
	○ the actual blocks also have a gas limit that specifies the maximum amount of gas all transactions in the block can consume. This is comparable to Bitcoin's block size in bytes, but ether miners have the option to increase or decrease the gas limit of blocks so that they are propagated quickly. You cannot exceed this 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?
	○ Wei is the smallest unit of ether, and gwei is  1,000,000,000 wei.

[Semicryptpro]

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

It is the cumulative sum of all the operations with a transaction

2. What is gas limit?

It is the amount of Gas you have decided that you will spend

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

The transaction will fail but the insufficient Gas limit is kept my the miner

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

It is refunded.

5. What is a gwei?

It is a certain denomination of Eth, similar to a Satoshi for BTC. It is the most common denomination for Gas fees. 20 Gwei is often a minimum price vs showing a very long decimal figure for Eth that is difficult to digest.

[EllenM]

1. Total transaction cost equals the gas fees plus the gas limit.
2. The gas limit is the maximum amount you’re willing to spend on the transaction.
3. If the gas limit is too low the transaction will fail, but the gas fees are still required.
4. The remaining balance will be returned when the gas limit provided is too high.
5. A gwei is 1,000,000,000 wei.

[Obi]

1.)
by summing the cost of each operation of the smart contract.

2.)
This corresponds the the MAXIMUM amount of gas you are willing to spend on the transaction

3.)
The transaction fails and the miners still get the amount of gas used.
The sender does not receive any gas back

4.)
Extra, unspent gas is refunded automatically

So I should always specify a large gas limit since I’ll be refunded?
No. 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.)
1 gwei = 1000000000 wei

[Dani_Kavcic]

1. We calculate gas cost of tx as the comulative sum of all operations (each costs differently) is the gas cost for a transaction.

2. Gas limit is the max you are willing to pay for tx.

3. Setting a low gas limit might not execute your tx and the fees are kept by miners.

4. If we set gas limit higher than it was needed/spent it is automaticly returned.

5. Gwei is a sub currency of ethereum, it is 1 billionth of ETH, wei is the smallest one and gwei is 1billion wei.

[adolfogonzalezt]

1- It is the sum of every operation in the transaction.
2- It is the max amount you are willing to spend in a transaction.
3- we can loose the gas paid. The miner could kept the unsufficient gas.
4- we geta refund for the unspend gas in case the gas we paid is above the gas limit of the transaction.
5- It is the measure in which the gas fee is express.

[theaussie86]

1. How do we calculate the total gas cost for a transaction?
   We sum up the gas cost of the individual operations in a smart contract.

2. What is gas limit?
   It is 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?
   The transaction will be rejected.

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

5. What is a gwei?
   1 million wei

[SteveC]

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

2. What is gas limit?
   When on a site like MyEtherWallet, you’re going to see a field called Gas Limit . This corresponds 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?
   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?

• Extra, unspent gas is refunded automatically

5. What is a gwei?
   Gas price is usually some amount of gwei. Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.

[Mickey_McClimon]

1: The entire total sum of all operations in the code.

2: Max amount of gas allowed per that transaction.

3: We will run out of Gas and the transactions will not be completed.

4: The unspent gas is automatically refunded.

5:it is a fractional part of Ethereum, 1000000000 wei.