Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the Ethereum blockchain platform.
- On the Ethereum blockchain, gas refers to the cost necessary to perform a transaction on the network.
- Miners set the price of gas based on supply and demand for the computational power of the network needed to process smart contracts and other transactions.
- Gas prices are denoted in small fractions of ether called gwei.
- The value of gas for internal processing, which is distinct from how ether tokens value the actual valuation of the cryptocurrency, disaggregates the value layer and the processing layer of the Ethereum platform.
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