Gwei is an important unit for measuring gas fees on smart contract platforms, providing accurate and standardized fee calculations. According to the BNB Chain Blog, the low gas fees of the BNB Chain provide very low prices for both users and developers.
Gwei, short for “gigawei,” represents the smallest fraction of a gas fee, 1 billion wei, named after cryptography pioneer Wei Dai. Gas is essential to smart contract platforms because it rewards validators for the computational resources they consume during transaction or contract execution. This fee system rewards validators who maintain and secure the blockchain. Block Reward.
How does gas work?
In BNB Smart Chain (BSC), an EVM-compatible blockchain, gas operates within the Ethereum Virtual Machine (EVM). Whenever a transaction or smart contract is initiated, the EVM loads the transaction data and a specified amount of gas. As the work is performed, the amount of gas decreases. If the gas is exhausted before the transaction is completed, the transaction is aborted and considered invalid, but the fee for the computational effort up to that point is still paid.
Gas fees fluctuate depending on network congestion, rising when demand is high and falling when traffic is low. Smart contracts can also call other contracts to load new EVM instances with their own inherited data. If gas is exhausted during this operation, the state reverts to the state before the transaction attempt.
Gas Limits vs Gas Prices vs Gas Fees
It is important to understand the differences between gas limits, gas prices, and gas fees.
- gas restrictions: The maximum computational effort allocated to a transaction.
- gas price: A fee per unit of computational effort paid to prioritize transactions.
- Gas bill: The total cost paid to execute the transaction, determined by the gas used and the gas price.
What is Gway? Why do we use it?
Using Gwei has several advantages:
- degree: Gwei provides a more accurate way to calculate and express small transaction fees.
- simple: Simplifies understanding and communication about gas prices between users and developers.
- standardization: Gwei has become the standard unit for expressing gas fees, making it a familiar and convenient unit of measurement in the cryptocurrency community.
different denominations
In addition to Gwei, the Ethereum ecosystem is also home to other names that are named after influential figures in cryptography and computing.
measurement | Respect | value |
why | Charles Babbage | 1,000 way |
Umway | Ada Lovelace | 1,000,000 way |
knitting | Claude Shannon | 1,000,000,000 way |
two | Nick Sabo | 1,000,000,000,000 way |
well | Hal Feeney | 1,000,000,000,000,000 way |
Gas on BNB Chain
BNB Chain’s L1 (BSC) and L2 (opBNB) platforms are economically popular due to their low gas fees.
BSC gas
BSC boasts the lowest gas price among L1s, with fees of less than $0.03. The average gas fee is around 3 Gwei. BSC increases the gas limit to 140 million Gwei, providing 4.6 times the gas carrying capacity of Ethereum.
opBNB Gas
The gas fee of opBNB is almost negligible. It was previously set at $0.001, but has been reduced by almost 10x to $0.0001. The block carrying capacity has been doubled from 100 million gas per block to 200 million gas, improving affordability and efficiency.
Supported by opBNB Account Abstraction (AA)Allows applications to significantly reduce gas costs associated with complex operations and smart contract interactions. This feature is particularly useful for applications that require a large number of microtransactions, such as gaming and high-frequency trading (HFT) DeFi apps.
conclusion
Gas fees are essential to reward validators on a smart contract platform. These fees are measured in Gwei, a precise and standardized unit. BSC and opBNB are designed to be inexpensive, charging minimal gas fees that benefit both developers and users.
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