Gas (ETH)

Gas is the cost to perform transactions on the Ethereum blockchain. Many types of protocols on the Ethereum network require the use of gas in order for transactions to be performed on the blockchain. For example, decentralised apps (dapps), non-fungible tokens (NFTs), and transfers of funds all require the use of gas. 

Gas is consumed in the form of Gwei, which represents fractional pieces of gas. One Gwei is equal to 0.000000001 ETH.

The price of gas depends on the level of congestion on the Ethereum network while the transaction is processing and the type of transaction an individual is attempting to complete. The more that users are trying to complete transactions at the same time, the higher the cost of gas.

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Key Takeaway

Gas is the cost of a transaction on the Ethereum network.

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