- How do we calculate the total gas cost for a transaction?
Total Gas = Costs of all operations on the chain for your transaction.
Gas Limit x Gas Price = Ether
- What is gas limit?
The max. you want to spend per wei of gwei.
- What happens if we specify a gas limit that is too low?
Transaction bounces, transaction costs are lost but funds stay.
- What happens if we specify a gas limit that is too high and therefore not consumed fully?
We fill blocks that miners are not interested in and might ignore because blocks are not computational dense enough. unspent gas will be refunded.
- What is a gwei?
A gwei is 1000000000 wei. wei is the smallest part of ether (a bit comparable to a satoshi in Bitcoin,1 BTC = 1,000,000,00 Satoshi)
(1 ETH = 1,000,000,000,000,000,000 Wei)