Gas - Reading Assignment

Blockchain Business Course
#141
  1. It is the cumulative sum of all the operations
  2. It 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 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. It will not be used up. You will not be refunded, but it just won’t be used.
  5. Its a fractional unit of Ether. 1 Gwei is one billon Wei.
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#142
  1. The total gas is determined by the type of operation necessary to execute a smart contract on the EVM
  2. Gas limit is the maximum amount of funds allowed to execute a smart contract
  3. The contract will not be completely executed and broadcast to the blockchain
  4. It will be reimbursed to the one spending that gas
  5. gwei is a giga wei. One wei is the small unit of an eth like Satoshis in Bitcoin
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#143

1.How do we calculate the total gas cost for a transaction?
it’s the cumulative sum of all the operations in all transactions
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?
the transaction will be considered failed: you will run out of gas before completion and will not get the gas money already spent
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 billion wei; or 1 billion ether as 1 wei = 1 ether

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#144
  1. Each operation which is included in a smart contract has a specified gas fee. Therefore a transaction and the launch of an ICO GAS fee will differ. By adding the sum of all operations will = the GAS FEE of the transaction.The GAS fee is determined by the market and the miners prioritizing higher pricing for transactions.
  2. It is the maximum Gas fee you are willing to pay.
  3. The transaction will Not be added to the blockchain (it will start but fail) and the Gas FEE WILL NOT BE RETURNED.
  4. You get refunded with unused GAS limit.
  5. It is the Gs price measure in a fraction of a ether. It can be divided further into wei.
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#145
  1. It the sum of gas cost for executing all the instructions related to a transaction e.g. for a transfer to a smart ETH contract it would be the basic cost of 21000 + the cost of executing any fallback instructions if sent to a smart contract.
  2. This is the maximum amount of gas allotted to a transaction
  3. The Gas will result in the transaction eventually running out of GAS but it’s intent cont being completed e.g. transferred in which case the Gas in not returned and the transfer is not executed since it has was not written to the blockchain (or completed it’s expected cycle).
  4. The excess Gas is returned
  5. Gwei is the metric used for gas on the Ethereum Network. It is a measure of ETH. It is the amount of ETH one is willing to spend on a transaction. 1 Gwei = 100,000,000 ewi whee ewi is the smallest unit of ETH.
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#146

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

You combine all of the gas costs for each part of the transaction or smart contract.

2. What is gas limit?

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

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

If the gas limit is too low, the transaction will fail, being only partially complete. The gas fee will lost because it is paid to the miner, but the transaction still will not have been completed.

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

If the gas limit is too high, the transaction will most likely not be picked up by miners because they are only paid on the actual consumed gas on a transaction, and there is a gas limit in blocks as well so your transaction essentially isn’t worth it for them to pick up.

5. What is a gwei?

A gwei is a billion wei. A wei is the smallest denomination of ETH. 1 Ether = 1,000,000,000,000,000,000 Wei

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#147
  1. How do we calculate the total gas cost for a transaction?
    the sum of all operations used in the transaction
  2. What is gas limit?
    It corresponds to the maximum amount of gas you are willing to spend on the transaction, the minimum is 21000
  3. What happens if we specify a gas limit that is too low?
    You will get an “out of gas” failure and the gas will be kept by the miners and your ETH that was to be sent will remain in your wallet.
  4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
    You’ll get the refund of unused gas limits.
  5. What is a gwei?
    Wei is the smallest unit of ether and a gwei is 1000000000 wei.
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#148
  1. The gas limit set by the network multiply by the price measure in gwei. For example the number of gas unit is 31500 x 20 = 630,000 then divide by 1 billion wei = 0.000630 ether.
  2. The gas limit is maximum limit of gas allotted to execute your transactions based on the activity is being done on the network.
  3. When the gas limit is too low on the network, the gas is spent but your ether never leave your wallet due to not enough gas.
  4. If the gas limit is set too high and not consumed fully, therefore you will received back the amount not being used and your transaction is being transferred or executed on the network.
  5. The gwei is the gas price measure in ether.
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#149
  1. the total gas cost for a transaction is the cumulative sum of all the operations in that transaction. The more complicated it is, the more expensive it will likely be.

2.This is the maximum amount of gas you are willing to spend on a transaction
3. The transaction will be started but will run out of gas and result in a failed transaction. You will also lose the fee as it will be kept by the miner.
4.You cannot exceed the gas limit or the transaction will not go through. The miners only get paid for the gas consumed in a txn so exceeding gas limit means it won’t be computationally dense enough for miners to want to mine it.
5. A gwei is the unit of cost for gas on the ethereum network. Wei is the smallest unit of ether, and gwei is simply 1000000000 wei.

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#150

  1. How do we calculate the total gas cost for a transaction?
    The 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?
    Your transaction will start to be executed, but will eventually run out of gas and be stopped. So the main funds will essentially never leaf the wallet.

  4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
    If the limit is too high, then the excess amount will be refunded.

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

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#151
  1. How do we calculate the total gas cost for a transaction?

Each operation has its own cost of gas so we need to create a sum of all operations times the gas of the individual operation to get to the total costs in gas.

  1. What is gas limit?

The maximum amount of gas we are willing to spend for a transaction

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

We lose our spend gas and no transaction is broadcasted to the blockchain

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

The unspend gas will be returned to us

  1. What is a gwei?

It is a fraction of an ethereum. It means nano, the ninth power of the fractional ether.

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#152

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

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

  3. If we specify a gas limit that is too low it will result in a failed transaction.

  4. If we specify a gas limit that is too high and not consumed fully the unspent gas is refunded automatically.

  5. Gwei is 1000000000 wei (the smallest unit of ether).

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#153

  1. The sum of all operations involved

  2. Gas limit specifies that the maximum amount of gas all transcations in the block can consume. It’s similar to Bitcoin’s block size in bytes.

  3. Basically your transaction will start to be executed, but will run out of gas and be stopped.

  4. The unused gas is refunded to you as ether

  5. Measurement of unit for gas in relation to ether - 1,000,000,000 wei

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#154
  1. you count the total cost for a transaction by cumulating the cost of each operation
  2. this is the max amount of gas you are willing to spend on the transaction
  3. the transaction stops when it runs out of gas
  4. you wil not get back spend ether, but since the transaction did not complete, the blockchain does not reflect a transfer, so the main funds never left the wallet.
  5. this is the gas price, wei is the smallest unit of ether
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#155
  1. each operation has a certain value in gas. All operations combined in a transaction will create a sum of gas.
  2. the maximum amount of gas you’re willing to spend
  3. this will result in a failed transaction. The used gas untill the failure will be kept by the miner, the rest will be refunded. And of course the transaction is aborted.
  4. the transaction might not be picked by the miner to execute as the maximum amount of gas will limit the amount of transactions in the block.
  5. the Satoshi of Etherium: the smallest unit of Etherium.
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#156
  1. the total gas cost for a transaction is the sum of all costs for a single operation
  2. maximum amount you are ready to spend for a transaction
  3. if gas is too low, the transaction starts and stops at the time when gas is not available. transaction won’t be completed, but already spend gas is lost
  4. unspend gas will be refunded
  5. wei is the smallest subunit of ETH and represents 1/1000000000000000000 ETH. A gwei represents 1000000000 wei
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#157
  1. The cumulative sum of all the operations/ calculations.
  2. The maximum amount of gas you are willing to spend on the transaction.
  3. Giving too low of gas limit will result in a failed transaction.
  4. The unspent gas is refunded automatically.
  5. Gas price is normally shown in the amount o gwei. Wei is the smallest unit and gwei is equal to 1000000000 wei.
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#158

  1. How do we calculate the total gas cost for a transaction?
    Gas price is the cost of a single gas unit. It is usually calculated in gwei (1 Ether = 1000000000 gwei). … For a transaction with a gas limit of 21000 and gas price of 20 gwei, the total transaction fee will be 0.00042 Ether or $0.392 ($934.390 per Ether).

  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?
    Unfortunately, it is often not easy and in general even impossible to know in advance how much gas a transaction will need eventually. Therefore, transactions have a gas limit field to specify the maximum amount of gas the sender is willing to buy. If the gas used exceeds this limit during execution, processing is stopped. The sender still has to pay for the performed computation, but they are protected from running completely out of funds.
    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?
    Gwei is a unit of ether which stands for gigawei, or rather 1,000,000,000 wei. Wei is the smallest unit or the base unit of ether. You can think of wei like what cents are to the US dollar or satoshis are to Bitcoin.

Think of the smallest unit of ether – wei – as a penny. It takes a whole bunch of wei to make an ether. 10^18 wei, to be exact.

10^9 wei is a gwei. Gwei is most commonly used when talking about gas (network transaction fees). Rather than saying your gas cost is 0.000000001 ether you can say 1 gwei…

Whether you start at wei and go up, or start at ether and go down the denominations follow standard metric prefixes.

  • 1 Ether

1,000,000,000,000,000,000 WEI = 1 (EXA)WEI

  • 1 (MILLI)ETHER = 0.001 ETHER

1,000,000,000,000,000 WEI = 1 (PETA)WEI

  • 1 (MICRO)ETHER = 0.000001 ETHER

1,000,000,000,000 WEI = 1 (TERA)WEI

  • 1 (Nano)ETHER = 0.000000001 ETHER

1,000,000,000 WEI = 1 (GIGA)WEI

  • 1 (PICO)ETHER = 0.000000000001 ETHER

1,000,000 WEI = 1 (MEGA)WEI

  • 1 (FEMTO)ETHER = 0.000000000000001 ETHER

1,000 WEI = 1 (KILO)WEI

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#159

  1. How do we calculate the total gas cost for a transaction?
    Each executable function has a gas cost. We add them up and we should be able to calculate the total gas cost.

  2. What is gas limit?
    It’s the maximum amount of gas a deployer is willing to consume or buy to compensate the miner.

  3. What happens if we specify a gas limit that is too low?
    The transaction will revert but the gas consumed will be kept by the miner since they have worked on it but there wasn’t enough gas to finish.

  4. What happens if we specify a gas limit that is too high and therefore not consumed fully?
    Unspent gas will be given back to the deployer.

  5. What is a gwei?
    It’s a denomination of ether. 1 wei represents 0.000000001 of ether.

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#160

1.The total gas for a transaction depends on the amount of computation required to complete the transaction.
2. 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. The transaction will be denied. no ETH will leave your wallet.
4. Your ETH will have never left your wallet. and blockchain would have not been updated.
5. each unit being measured in a fractional amount of ether.

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