On another note, people need to know that that the standard Gas Price of 21000 only applies to Ethereum transactions and not on ERC20 token that involves smart contract. Typically, the gas limit for ERC-20 token transfer has a range of 25000 up to 200000 which means that if the user fails to input a correct gas limit; the transaction will most likely fail and will just eat the whole gas fee for that specific transaction.
What I can't see is the difference of tx fees when Ethereum has succeeded the implementation of EIP 1559. It seems like there is still no such drastic change after the its implementation.
Topic: What is Gas and Gwei? (Read 70 times)
So I found this topic very interesting on the local board that I participate.
I'm going to translate, so, I can share this content, which is very important and might help some newbies!
ps: I am NOT the creator of the original topic, I will just translate it
All the credits go to user bitmover because he was the creator of the topic
The original topic is here "O que são Gas e Gwei??"
To illustrate
Gas Price (Preço Gas): 50 Gwei
Gas Limit (Limite de Gas): 150.000.
Gwei and Wei are units of measurement for Ethereum. Wei is the smallest possible division of an Ether (as well as a satoshi for Bitcoin)
1 Ether = 1,000,000,000,000,000,000 Wei
Every transaction that takes place on the Ethereum network costs Gas. Each operation has a price, the Addition costs 3 gas and Multiplication costs 5 gas.
The total transaction price is given by Gas Price x Gas Limit.
Gas Price (Gas Price): Amount of Wei that will be paid for each unit of Gas.
Gas Limit (Gas Limit): Total amount of Gas that a transaction can consume. (Whatever exceeds will be returned)
So, in this way, a transaction mentioned above set the price of Gas at 50 Gwei and the maximum limit at 150,000 Gas.
A total of up to 7,500,000 Gwei will be consumed, which would be 0.0075 Eth.
I'm going to translate, so, I can share this content, which is very important and might help some newbies!
ps: I am NOT the creator of the original topic, I will just translate it
All the credits go to user bitmover because he was the creator of the topic
The original topic is here "O que são Gas e Gwei??"
To illustrate
Gas Price (Preço Gas): 50 Gwei
Gas Limit (Limite de Gas): 150.000.
Gwei and Wei are units of measurement for Ethereum. Wei is the smallest possible division of an Ether (as well as a satoshi for Bitcoin)
1 Ether = 1,000,000,000,000,000,000 Wei
Every transaction that takes place on the Ethereum network costs Gas. Each operation has a price, the Addition costs 3 gas and Multiplication costs 5 gas.
The total transaction price is given by Gas Price x Gas Limit.
Gas Price (Gas Price): Amount of Wei that will be paid for each unit of Gas.
Gas Limit (Gas Limit): Total amount of Gas that a transaction can consume. (Whatever exceeds will be returned)
So, in this way, a transaction mentioned above set the price of Gas at 50 Gwei and the maximum limit at 150,000 Gas.
A total of up to 7,500,000 Gwei will be consumed, which would be 0.0075 Eth.
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