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What is gas?

Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. Specifically, the roles of Gas include:

  • -Executing Smart Contracts: When you execute smart contracts on the blockchain, each operation requires a certain amount of Gas to cover the cost of computation and storage resources. Complex contracts and operations typically require more Gas.
  • -Transaction Fees: Sending cryptocurrency transactions also requires payment in Gas. The complexity and priority of transactions determine the amount of Gas required. More complex or urgent transactions require higher Gas fees to be processed faster by miners.
  • -Rewarding Miners: Miners maintain the blockchain network by processing transactions and executing smart contracts. They receive Gas fees as rewards. Higher Gas fees attract miners to prioritize certain transactions.