I'm sure when you try to make ETH transaction, you ask yourself: "What is the gas?".
In this post, we discuss the main issues related with gas.
You know that Bitcoin’s transactions are easy to – you just set the commission and wait for the transfer, but the Ethereum network everything works on a different way. Although the basic transaction method remains unchanged, the more commission money you are willing to pay means the passing the transaction sooner. But if Bitcoin was created as an alternative to traditional currency, then Ethereum's tasks are more global, and this platform was developed for the providing of various operations or executing smart contracts.
There are three basic operations that can be performed on the Ethereum blockchain:1. Transferring the ETH to other addresses.
2. Executing smart contracts.
3. Creating smart contracts.Now we got to the main one. To perform these operations on the Ethereum platform, you will need to pay a commission, and the measurement of payment for any commission is gas. If you are performing a “heavy” operation, you need more gas. If your operation is simple, you need less gas. Everything is clear and not so difficult. This method confirms that network no perform useless actions and not use inefficient code.
This service –
https://etherscan.io – contains all information about most transactions of the Ethereum network. Here example of such transaction with Gas value 22 251 (see
Gas Used By Txn):
https://etherscan.io/tx/0x9b896be007157ca7c7a19880811c1add43c8f05323ecb08ec1befdb168dd4b09What is Gas Limit?
Gas Limit determines maximum amount of Gas that can will spend for each transaction. This limit has its own specific value. When you transfer consists many transaction cycles, you will not lose a large commission. When you setting the Gas limit, it is important to understand a few moments:
1. For example, you set a limit of Gas 50,000, and you need for the operation 25,000. In this case, required amount of Gas (25,000) does not exceed the limit (50,000). This means that transfer will successful – the transaction will add to a block and will be executed, and the remaining 25 000 Gas will return to you in ETH.
2. Usually, when you select tokens for translation, the limit of Gas is setting automatically. However, if it value remains static, you should ask for smart contracts developers about the Gas limit, if you participate in ICO and other operations.
3. Remember that standard commission limit for transferring ETH to another address is 21,000 Gas. So if you plan just transfer ETH to different addresses without contacting smart contracts, it is important for you to remember that Gas Limit = 21,000.What is Gas Price?
The Ethereum divided for different parts:
1 ETH = 1 000 finne = 1 000 000 szabo = 1 000 000 000 gwei = 1 000 000 000 000 000 000 wei.
By the way, the names of little parts are real names of people who help to develop the cryptocurrencies.Therefore, Gas Price is the price you are want to pay for one unit of Gas. Everyone determines for himself what price for a unit of Gas he wants to pay. Now 1 Gas = 20 Gwei, for standard transaction 21 000 * 0.00000002 = 0.00042 ETH ($ 0.219); here we mean ETH = $522.
This commission is not so big, but the question is – whether it is possible to pay less? For answer this question, we will use the next service: ethgasstation.infoIn the table on the page, you can see a lot of numbers and letters, but we need only two:Gas Price. We can adjust it with a slider. The measurement unit of this value – Gwei.
Gas Used. Amount of Gas needed to perform the operation.
If we set Gas Price for 20 Gwei and Gas Used at 21,000, the transfer time will be less than a minute (see Avg Time (min)), and the commission will be $0.219.
NB: What change if we set the price of Gas for 2 Gwei (in 10 times less than the standard value)? In this case, the translation time will be provide for 6 minutes (real time will be about 3 minutes).
This means that paying a commission of 10 times less you will wait for transaction confirmation just about 4+ minutes!
Of course, this is not ideal data. Time by time, data can be changed. This depends on high loading of the Ethereum network. However, why you should pay for Gas about 20-60 Gwei, if you can pay only 2-5 Gwei – and transaction will be not so slowly?
Now we have learned what is the Gas is and why it needs. In addition, you know how to send your transaction with little commission.I hope the information was useful to you. I'm humble, but I'll be very grateful for the merit
