Gas - Reading Assignment

[KamilK]

1.Total cost for a transaction is calculated by multiplying the specified gas price by the consumed amount of gas.
2. Gas limit is the maximum amount of gas that we are willing our transaction to consume
3. If the specified gas limit is too low, transaction will fail. We will be charged by all gas that was consumed until a transaction run of gas.
4. If the specified gas limit was higher then we expected, the remaining gas that was not consumed would be returned to us.
5. Gwei is 1000000000 of wei.

[rkindle]

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

2. What is gas limit?
   This is the maximum amount of gas I am willing to spend on a transaction

3. What happens if we specify a gas limit that is too low?
   Providing too little gas will cause a failed transaction. The transaction fees will be kept by the miner

4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
   The excess gas will be automatically returned

5. What is a gwei?
   gwei is 1x10^9 wei or 1 billion wei. wei is the smallest unit of ether. gwei is used to define the gas price applicable for the sent transaction.

[Adam]

The cost of gas is determined by the amount of computation required.
The gas limit is the maximum amount of gas that a block will accept.
The transaction may run out of gas and the transaction will no be executed and you will still pay the gas fee.
The remainder will be returned.
This is a unit of ether = to 1 billion wei (the smallest unit of ether)

[gabba]

Hi Adam
The amount of wei in eth is a bit bigger, it’s actually 1 Billion Billion wei
1 Eth = 1000000000000000000 wei

[moragarcia75]

1. How do we calculate the total gas cost for a transaction?
   Adding all gas cost for each operation.
2. What is gas limit?
   The maximum amount of gas you are willing to spend on a 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?
   The miners might not want to process your transaction because they only get paid for the actual gas consumed.
5. What is a gwei?
   The smallest unit of ether.

[BlogChain_Charles]

It is the sum of all accumulated costs of operations in a transaction, following the price list of each operation in a transaction, that then can be multiplied by the Gas Price to see the costs in ether.
2.
It is the Maximum amount of gas you are willing to spend in a transaction, should be between the minimum gas limit of 21000 + the amount to execute any fallback for a single transaction; and the maximum is determined by the programmer when submitting a transaction, but limited to not excced a certain amount.
3.
The transaction starts to be processed but do not complete since it runs out of Gas, the miner still receives the gas fee but the transaction doesn’t go through, failing.
4.
It is refunded to your address automatically, since only the Gas consumed is paid to the miners.
5.
A fractional amount of ether, or the price unit for Gas, one Gwei equals to 1,000,000,000 of wei.

[Cryptotherapy]

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

The transaction will start but then fail and any Ether spent on used gas will not be returned although no transfer of Ether will take place because the transaction failed and was not added to a block.

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

Because Ethereum blocks have a gas limit size, it is likely that the transaction will stay in the Mempool as Miners will not want to deal with the transaction because it is not computationally dense enough. This is because the miners only get paid for the actual gas consumed to perform a transaction.

What is a gwei?

A Gwei is a fractional part of Ether in that is represents 1000000000 wei. Wei is the smallest unit of Ether.

[CryptoLee6]

1. You add up all the gas costs for executing each part of a transaction.
2. Gas Limit is the maximum amount of gas that you are willing to pay…
3. 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.
4. Unspent gas will be refunded automatically.
5. A Gwei is a fractional part of Ether in that is represents 1000000000 wei. Wei is the smallest unit of Ether.

[ivga80]

Hi the smallest unit of ether is wei. Not gwei…
Ivo

[ivga80]

Hi Cryptotherapy.

What happend with the first questions?

1. How do we calculate the total gas cost for a transaction?
2. What is gas limit?

Ivo

[Cryptotherapy]

Hello Ivo,

The total cost of a transaction will be the product of gas cost and gas price, while the maximum transaction fee will be the product of gas limit and gas price. Gas limit is the maximum amount of gas we’re willing to spend on executing the transaction.

CryptoTX

[biffen96]

How do we calculate the total gas cost for a transaction?
By calculating the sum of all operations, but the transaction cost is subjected to a minimum of 21000 gas plus the cost of any fall back functions.
What is gas limit?
The maximum gas you are willing to spend on a transaction.
What happens if we specify a gas limit that is too low?
The transaction is started but then be failed. Any ether spent on used gas won’t be returned.
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 (giga wei) is 1 billion wei, and 1 wei is 1 unit or ether.

[goldog]

1. To calculate the transaction gas cost we total the cost of all operations needed for the transaction.

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

3.If the gas limit is set too low the transaction will not go through. The fee will be charged but any transaction will not be reflected .

4. If the gas limit is set too high the balance will be returned. If it is unreasonably high miners won’t want to accept it because it limits the amount available for other transactions.

5. A gwei is a unit of measurement used when determining gas. 1 billion wei (the smallest unit of ether). Gas cost is currently denominated in gwei.

[TIMMSY1]

1. How do we calculate the total gas cost for a transaction?
The cumulitive sum of all operations is the total gas cost for the transaction.
2. What is gas limit?
The gas limit is the MAXIMUM amount of gas that you are willing to spend on the transaction.
3. What happens if we specify a gas limit that is too low?
The transaction will be rejected. You lose the gas, but the main funds stay in the wallet as if they never left it.
4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
Extra unspent gas is refunded.
5. What is a gwei?
Gwei is the fractional part of Ether, like Satoshi`s are to Bitcoin.

[thecil]

1. How do we calculate the total gas cost for a transaction?
Total sum of all operations 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?
Providing too little gas will result in a failed transaction, the fees are kept by the mine.

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

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

var unitMap = {
    'wei':          '1',
    'kwei':         '1000',
    'ada':          '1000',
    'femtoether':   '1000',
    'mwei':         '1000000',
    'babbage':      '1000000',
    'picoether':    '1000000',
    'gwei':         '1000000000',
    'shannon':      '1000000000',
    'nanoether':    '1000000000',
    'nano':         '1000000000',
    'szabo':        '1000000000000',
    'microether':   '1000000000000',
    'micro':        '1000000000000',
    'finney':       '1000000000000000',
    'milliether':   '1000000000000000',
    'milli':        '1000000000000000',
    'ether':        '1000000000000000000',
    'kether':       '1000000000000000000000',
    'grand':        '1000000000000000000000',
    'einstein':     '1000000000000000000000',
    'mether':       '1000000000000000000000000',
    'gether':       '1000000000000000000000000000',
    'tether':       '1000000000000000000000000000000'
};

[CryptoVic]

1. How do we calculate the total gas cost for a transaction? The price of gas is calculate in ether and specifically in wei or gwei and is determined by the user. Gas prices vary depending on the complexity cost of the tx. Current gas prices at any given time can be seen on Etherscan or Eth gas station.
2. What is gas limit? Gas limit is the maximum amount of gas alotted to the tx, 21000 being sufficient for simple transfers and higher amounts to transfers in smart contracts such as in an ICO.
3. What happens if we specify a gas limit that is too low? Insufficient gas in a gas limit will result in a failed transaction, the fee paid will be lost, and the tx never leaves the wallet.
4. What happens if we specify a gas limit that is too high and therefore not consumed fully? Miners get paid by the actual gas consumed by the transaction, so putting a higher value for the gas limit fills up the block gas limit, but isn’t computationally dense enough for the miners to want. Extra unspent gas is automatically refunded.
5. What is a gwei? Wei is the smallest unit of ethereum, and gwei is 1000000000 wei.

[crusader2]

1. Depending on types and number of operation contain in the transaction. Each operation has a specific gas cost. The total transaction cost is the sum of all operations gas.

2. The maximum of gas cost willing to be paid in the transaction.

3. The transaction will fail but the fees will be kept by the miner.

4. The gas amount will only be charged as actual. The balance will not be used from the wallet.

5. Wei is the smallest unit of ether while Gwei is a Giga-Wei, which means 1,000,000,000 Wei.

[Alexander_Scholten]

• How do we calculate the total gas cost for a transaction?
• the sum of all operations (with pre-determined costs) used in the transaction
• What is gas limit?
• the maximum amount of gas that you are willing to pay for a transaction
• What happens if we specify a gas limit that is too low?
• the transaction will fail and gas spent lost
• What happens if we specify a gas limit that is too high and therefore not consumed fully?
• only the consumed gas of the transaction is spent, unused is refunded
• What is a gwei?
• a fractional measurement unit for Ether that represents 1000000000 wei

[Dejan]

@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. Gas limit x gas price (usually in gwei)
2. Gas limit is the maximum amount of operational cost you want to spend on a transaction, denoted in gas.
3. If the limit is too low, then the costs to execute all elements in a smart contract can exceed the amount of gas you provide in the transaction which will result in not completing the transaction and losing all fees of that transaction.
4. If the limit is too high, then the excess amount will be refunded to the sender.
5. 1 gwei is 1/(1*10^8) Ether

[Kieran]

1. The total gas cost is calculated by the actual computational cost of the EVM performing the operation, and is variable [with a sliding scale for various computations], and measured in GWEI, but other variables in cost/speed are also chosen and set by the user.

2. The gas limit is the maximum amount in GWEI allotted to a particular set of commands to be executed on the EVM.

3. If the gas limit is too low, the set of functions will run out of power and will stop executing. The gas price is non refundable, but does not leave your wallet - the miners do not get it. I presume that this is destructive, as you do lose the amount.

4. Because Ethereum blocks also have a limit on what the total amount of GWEI they can contain is, one cannot pay over this amount. Also, because the miners only get the computational value of the TX, adding a larger fee doesn’t make it more attractive to mine.

5. A ‘Wei’ is the smallest division of Ether. A Gwei is a multiple of that - 1 Wei x 1,000,000,000 = Gwei