In this video, I will explain what Gas in the Ethereum Blockchain is, why trading fees can increase, and what factors can influence their decrease.
GAS is the unit of measurement used to express the computational power required to successfully carry out a specific command or action on the Ethereum Blockchain.
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The main topics of the video are:
▶ What Is Gas (Ethereum)?
▶ What Are Gas Fees?
▶ How Do Gas Fees Vary?
▶ How Does Network Activity Affect Transaction Costs?
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🟡 What Is Gas (Ethereum)?
GAS is the unit of measurement used to express the computational power required to successfully carry out a specific command or action on the Ethereum Blockchain.
Thus, each action will require GAS, from querying(kweeuhreeuhng) a balance to sending a transaction. To draw an analogy, we could think of it as the fuel needed for a car to travel from point A to point B.
🟡 What Are Gas Fees?
To put it simply, if GAS is the fuel, the GAS Fee is its price per unit.
Therefore, Gas Fees refer to the payment or cost required to successfully conduct a transaction or run a contract on the Ethereum Blockchain.
🟡 How Do Gas Fees Vary?
Ethereum miners, that is, those who perform all the important tasks of verifying and processing transactions in the Ethereum network, receive GAS fees in exchange for their computing services.
If the GAS price limit is too low, miners may prefer to ignore such transactions. As a result, the price of GAS may fluctuate with the supply and demand for processing power.
🟡 How Does Network Activity Affect Transaction Costs?
Any transaction in the Ethereum Blockchain ends up in Mempool, an area of pending transactions, from which they are confirmed by miners and thus entered into the next block of the Blockchain.
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- CHAPTERS –
0:00 Intro Cryptomatics
0:26 What Is Gas (Ethereum)?
1:06 What Are Gas Fees?
1:52 How Do Gas Fees Vary?
2:59 How Does Network Activity Affect Transaction Costs?
4:03 Conclusion
4:36 Outro Cryptomatics
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======================💎HashTags💎======================
#Ethereum #GAS #GASFees #Animation #Cryptomatics #Blockchain #Crypto #FinancialEducation
