Glossary - ChicksX

Gas (ETH) is the fee required to process transactions or execute smart contracts on the Ethereum blockchain.

Gas (ETH) is the unit of measurement for computational work on the Ethereum network. It determines the fee required to perform transactions or execute smart contracts. Each operation on the blockchain requires a certain amount of gas, which users pay in Ether (ETH). The gas price, set by users, influences transaction speed. Higher gas prices prioritize transactions, making them process faster. This mechanism prevents network abuse by ensuring that complex operations incur higher costs. Understanding gas is crucial for efficient and cost-effective interactions within the Ethereum ecosystem. Efficient gas management helps users minimize transaction costs and optimize network usage.