Crypto WOTD — Gas, Gas Price, Gas Limit

So what does all these mean?

To perform any transaction on the network, we will need to pay the miners for work done. Work is done for every computation executed on the network, which requires a fee. If you set higher gas fees would mean your transaction would be prioritized. Higher gas limit means more computational work can be done while interacting with smart contracts. In other words, a more complicated transaction would require a higher gas limit in order for it to be fully executed. Let’s use an analogy for easier understanding

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store