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Ethereum Gwei

The Ultimate Guide To Understanding & Using Ethereum Gas

The Ultimate Guide To Understanding & Using Ethereum Gas

The Ultimate Guide to Understanding & Using Ethereum Gas Posted by Staff | Sep 29, 2017 | Ethereum | 0 If you want to create or take advantage of Ethereum smart contracts in any way, shape, or form you will need a good understanding of Ethereum Gas. Gas is the rather inaccurate name used for the metering and pricing of services in Ethereum. A mechanism like gas is needed because Ethereum is actually a massive cloud-based, open-source, operating system for a wide variety of solutions and applications. The cryptocurrency commonly called Ethereum, ETH, or Ether is simply one of many solutions operating in that system. In fact, there are actually a wide variety of cryptocurrencies operating in Ethereum. Any initial cryptocurrency offering (ICO) that bills itself as ERC-20, will operate on or through Ethereum. Many companies are using Ethereum ICOs to raise money for future operations or expansion. Ethereum-based applications such as smart-contracts need a certain amount of blockchain space within that ecosystem to operate. Unfortunately, the amount of space in ethereal is limited. Gas was created as a mechanism to measure the amount of space so it can be priced and sold to users. The term Ethereum Gas is used because of the Ethereum Virtual Machine. The Virtual Machine is the engine which operates Ethereum and creates Ethereum applications Gas is the fuel for the machine. If you want to use the Virtual Machine to create something like a Smart Contract, you will need to buy Gas to operate it. The best analogy for how Ethereum Gas functions is kilowatt hours, the mechanism utilities use to determine your electric bill. This makes Ethereum Gas more like electricity or the natural gas you might use to heat your home than the fuel for your car. The power company charges you for Continue reading >>

What Is: Gwei? Call Me Gwei

What Is: Gwei? Call Me Gwei

The money in our pockets doesnt come in a single denomination. Along with the several denominations of paper bills, coins are normally an option too especially useful for paying fractional parts of a bill. Even for someone who doesnt regularly carry cash, the idea that they might owe a quarter-dollar for a piece of candy probably isnt too foreign. If they were asked to list their possible payment options for settling the debt, most would recognize they have plenty of choices. They can pay five nickels, or two dimes and a nickel, or a single quarter. These denominations exist for convenience. A monetary system in which everyone always needed to carry around exact change in the smallest coin minted would be burdensome indeed. A system in which a large denomination was the only option would also be extremely inconvenient. Well, with cryptocurrencies, there are no bills or coins to carry around. That doesnt mean that discussing or even considering your money cant get burdensome or inconvenient. This is especially true when the currency goes well beyond the two decimal places that most people are familiar with. Few people would want the mental burden of having to relate that they paid one one-thousandth of a unit or, worse still, of having to mentally sum the total purchase amount from twenty fractionally-priced items. To be sure that users never have to think that hard unless they want to, forward-thinking cryptocurrencies have named denominations as a matter of convenience. Heres a list of common denominations from the Ethereum documentation : As is often the case, this is a seemingly small detail that Ethereum has addressed more elegantly than its predecessor, Bitcoin. Reference this comment from Vitalik Buterin on StackExchange.com: the goal of specifying suggestions fo Continue reading >>

Ethereum

Ethereum "gas" - How It Works

Understanding how gas works is crucial for Ethereum users interested in participating in ICOs, using smart contracts, and even making simple transfers between wallets. In this post, I hope to explain what gas is and how it works. Skip to the end for a simple summary of things. To start off, we need to understand some basics about the Ethereum Virtual Machine. The Ethereum Virtual Machine (EVM) is a major part of the Ethereum ecosystem, but I'll be heavily glossing over this so we can focus on how it relates to gas. In short, the EVM is an environment where arbitrary code of smart contracts and other operations can be executed. Every node in the Ethereum network executes operations within the EVM to ensure redundantly correct execution and relies on consensus to agree on the answer. All transactions, from simple transfers to ICO smart contracts, require some amount of operations to perform. Each of these operations has an associated cost in gas. Thus, simple transactions like transfers will require less gas to perform than more intense smart contracts. For example, a simple operation like if(var > 1) may cost 1 gas, but a more complex operation to store a variable could cost 100 gas. The cumulative sum of all the operations is the total gas cost for the transaction. When on a site like MyEtherWallet, you're going to see a field called Gas Limit. This corresponds the the MAXIMUM amount of gas you are willing to spend on the transaction. Different types of transactions will require different amounts of gas to complete Providing too little gas will result in a failed transaction, the fees are kept by the miner Extra, unspent gas is refunded automatically What happens if I specify too little gas? Your transaction will start to be executed, but will eventually run out of gas Continue reading >>

Guide To Ethereum: What Is Gas, Gas Limit And Gas Price?

Guide To Ethereum: What Is Gas, Gas Limit And Gas Price?

Guide to Ethereum: What is Gas, Gas Limit and Gas Price? Smokescreen no more By Aziz, Founder of Master the Crypto No responses Home Ethereum Guide to Ethereum: What is Gas, Gas Limit and Gas Price? This article breaks down the concept of gas, gas limit and gas price, which is a central feature of the Ethereum (ETH) Blockchain and ecosystem. If youve performed a simple transfer of Ether (ETH) from one place to another or participated in an Initial Coin Offering (ICO) , then chances are youre exposed to the concept of gas in the Ethereum network. Understanding the mechanics of gas and the associated terms gas limit and gas price is a crucial element to executing your ETH transactions. But before delving into the details of gas, its important to have a basic understanding of Ethereum. (Read more: Coins, Tokens & Altcoins: Whats the Difference? ) Ethereum is a giant network consisting of a huge number of computers connected together. This large, interconnected web of computers is called the Ethereum Virtual Network (EVN) essentially a global, supercomputer where all transactions occurring in the Ethereum network are updated and recorded into each computer. Ether (ETH) is the native currency of the Ethereum blockchain and is used as the fuel for the network. ETH is not to be confused with Ethereum Classic ; the latter is a fork of the Ethereum Blockchain. Heres a guide to understanding forks, hard forks and soft forks . A revolutionary functionality of the Ethereum blockchain was the introduction of smart contracts. Smart contracts are any contracts that have been pre-programmed with a set of definitive rules and regulations that are self-executing, without the need of any intermediaries. Therefore, with any given inputs, there will be a known output. As they say: Heres si Continue reading >>

Ethereum Gas Price Cheaper Than Youthink!

Ethereum Gas Price Cheaper Than Youthink!

Co-Founder & CTO of Enjin.com social website platform for gamers Ethereum gas price cheaper than youthink! There has been a lot of talk about Ethereum having slow confirmations and expensive transaction costs. Seeing a recent article from ETH Gas Station , I decided to test this for myself today. How low could I go before my transactions slowed down significantly or stopped being mined? I sent myself a couple bucks worth of Ether to play with. The transaction fee cost a whopping $0.13 USD definitely a bit expensive for sending myself two dollars. I dragged the transaction fee slider in Parity wallet all the way to the bottom and sent out 0.0001 ETH . Gas Price: 0.0000000004681 Ether (0.4681 Gwei) Transaction fee: 0.0000098301 Ether ($0.002941) Not bad, three tenths of a penny. Thats a whole lot cheaper than accepting the default. It reached 50 confirmations within minutes. With the transaction slider being at the lowest point, I subverted it by typing in a lower Gas Price, and sent my next transaction : Gas Price: 0.0000000002581 Ether (0.2581 Gwei) Transaction Fee: 0.0000054201 Ether ($0.001619) For a few seconds, it didnt appear in etherscan.io and I thought ok, maybe thats why Parity set a lower recommended limit.. But then I refreshed the page, and saw the first confirmation come in, around the 35 second mark! It was being mined. By 2 minutes, I had 7 confirmations! Lets get cheap. Set the gas price to 0.1 Gwei. What miner would accept that ? Transaction Fee: 0.0000021 Ether ($0.000627) And like before, I had 6 or 7 confirmations within 2 minutes. Thats 1/16th of a penny to do a relatively quick transaction on Ethereum. Amazing! Unfortunately, I couldnt seem to go much cheaper than a gas price of 100,000,000 Wei. At this point, nobody mined the transaction, and it Continue reading >>

Ethereum Gas And Transaction Fees Explained!

Ethereum Gas And Transaction Fees Explained!

Ethereum Gas and Transaction Fees Explained! What is mining and whats the difference between PoW and PoS mining? Basic knowledge of programming terms (variables, loops) might also come in handy. When sending a Bitcoin transaction, its fee is proportionate to its size. The more inputs and outputs , the more expensive it is. Add to that the factor of pending transactions , and transaction fees can skyrocket based on those two factors alone. With Ethereum, given that were talking about a programming language within the protocol, its possible to be very computationally demanding with very little text or code (something which would be very cheap in the BTC-verse). Lets look at this loop for example: This loop means "for as long as i is smaller than 1000, increase it by 1 and then sum up i and j and write the result into j, then do it all again." This loop will execute 1000 times if i is 0 or more if it's a negative number. To pay for this computational cost in a fair way - since it has to be executed on all miners' machines at once and they spend their resources and time on it - the concept of gas was introduced. Gas is used to pay for the execution of these so called smart contracts (Ethereum programs) inside the EVM. For example, i + j above is a summation operation which costs 3 gas every time it's executed, so 3000 gas if executed 1000 times. To explain gas properly, let's first cover the EVM. EVM stands for Ethereum Virtual Machine. But what is a virtual machine anyway? A virtual machine is software running on a specific computer which contains another operating system completely encapsulated inside the main one. A virtual machine allows you to, for example, run Windows inside of Linux, Linux inside of Windows, Windows on OS X like in the image below, or any other comb Continue reading >>

About Ethereum Gas Andgwei

About Ethereum Gas Andgwei

These two things are scary and usually the wallet sets them for you. But if you are in a hurry or want to pay as less fees as possible, you might want to edit them. Maybe not all wallets allow you to edit Gas & Gwei, but Im going to focus on two that do: Parity (Web) and TrustWallet The Gas: The base unit is 21000 and this is enough for wallet to wallet transfers, no reason to set more. The smart contracts usually burn more than that (ex: you send tokens to Etherdelta or other trades/dapps). The values vary and Parity and most wallets will set the right one for you. When you participate in an ICO, usually they recommend an amount that makes sure your transaction will go trough. Use that value to avoid running out of gas and loosing the transaction fee. Mistakes can happen, as happened today with Insurepal ICO when they recommended via email 25000 Gas which was not enough for a smart contract, therefore most contributors lost the gas fees. Gwei: Sometimes includes 9 zeros in the tail, sometimes not, depends on the wallet. Ignoring the 9 zeros, the values used these days are between 20100, depending on the network congestion (real time data here ). EthGasStation is a great tool to evaluate cost and duration. Few months ago, 1-4 used to be enough. If you transfer from wallet to wallet, what EthGasStation recommends should be fine. If you transact with EtherDelta (a very busy smart contract with concurrent transactions), you might need to increase above the recommendation (70100 at this time). If you participate in an ICO, use what they recommend. The fee you actually pay: This is determined by ETH price, GAS x Gwei factor. If you set a high gas for a wallet to wallet transaction, in the end will burn 21000 which is the actual cost, so the main factor is the Gwei value. Ex Continue reading >>

Gwei.win - Best Free Ethereum Faucet Where You Decide When To Claim!

Gwei.win - Best Free Ethereum Faucet Where You Decide When To Claim!

Welcome to Gwei.win - free Ethereum faucet Payout delayed, due to FaucetHub slow transactions! Payout will probably be by the end of the week! Gwei.win is an Ethereum faucet with a difference... YOU decide how often to claim! Please enter your FaucetHub.io Ethereum address below to get started or log in... Gwei.win is an Ethereum faucet with a difference...YOU decide how often to claim! Whereas most faucets only allow you to claim once per hour or once per day, we allow you to claim as often or as little as you like* The faucet will gradually fill up - quite quickly initially but it will slow down over time - until you make a claim. So the longer you leave it the more you will be able to claim.You may prefer to claim a smaller amount every 5 minutes, or visit once per day and claim the large amount that has built up while you were away!(* minimum 5 minutes between claims per account/IP address) It's simple you just login with your FaucetHub.io address and claim when you want, and how much you want. Every sunday balance from your account on Gwei.win will be paid out to your FaucetHub.io account. You are paid automatically every Sunday if your account reaches at least 3000 gwei. FacetHub.io Ethereum address used to sign in is used for payment so before joining please double check your ethereum address. You can have only one account! The use of multiple accounts per person/IP, proxy, vpn or other IP changing services will result in permanent termination of your account, and no balance will be paid! Yes, to see more info about our referral program click here . Probably you are running AdBocking software, and that is blocking you from claiming. All you have to do is to disable the AdBlock software and refresh the page. Our website lives from ads, if we don't have ads, we ca Continue reading >>

Calculating Costs In Ethereum Contracts

Calculating Costs In Ethereum Contracts

Thinking, coding, and explaining Ethereum and blockchain technologies. GAS PRICE PSA (20170823): The median gas price at the time of writing this article was 28 Gwei, and continues to be in the realm of 20 Gwei. This is far greater than the typical average and safe-low found on EthGasStation (4 and 0.5 Gwei respectively). The median is so high because of bad gas-price defaults found in many wallets. I highly recommend using EthGasStations average gas-price or lower in order to not pay high fees and to help drive down the market rate for gas-price. UPDATE (2017096): I ported the Google Spreadsheet of OPCODES to a github repo . This repo will be maintained and updated as the yellow paper evolves. What are users storing when they hold Ether? In one sense, they are storing the ability to perform computation on the Ethereum network. This computation is done in a decentralized fashion: A miner executes the computation associated with each transaction being included in a block, resulting in an updated state. Upon successfully mining a block, a miner broadcasts the block to the network. Each of the other miners and non-mining nodes verify the validity of the transactional computation and resulting state change before accepting the block as valid, incorporating the block into their copy of the blockchain, and moving on to the next block. You may have noticed that there is incredible amount of redundancy for every bit of computation on the network. Namely, each node verifies the results of each transaction read: every node runs all of the computation. Ive been researching Ethereum and other blockchain application platforms for a long time now, and rarely, if ever, do people outright say this. Once you get into the more technical side of things, it becomes an obvious feature of t Continue reading >>

Ether Ethereum Homestead 0.1 Documentation

Ether Ethereum Homestead 0.1 Documentation

The Ethereum Wallet supports sending ether via a graphical interface. Ether can also be transferred using the geth console. > var sender = eth.accounts[0];> var receiver = eth.accounts[1];> var amount = web3.toWei(0.01, "ether")> eth.sendTransaction({from:sender, to:receiver, value: amount}) For more information of ether transfer transactions, see Account Types, Gas, and Transactions . Ethereum is unique in the realm of cryptocurrencies in that ether has utility value as a cryptofuel, commonly referred to as gas. Beyond transaction fees, gas is a central part of every network request and requires the sender to pay for the computing resources consumed. The gas cost is dynamically calculated, based on the volume and complexity of the request and multiplied by the current gas price. Its value as a cryptofuel has the effect of increasing the stability and long-term demand for ether and Ethereum as a whole. For more information, see Account Types, Gas, and Transactions . Gas is supposed to be the constant cost of network resources/utilisation. You want the real cost of sending a transaction to always be the same, so you cant really expect Gas to be issued, currencies in general are volatile. So instead, we issue ether whose value is supposed to vary, but also implement a Gas Price in terms of Ether. If the price of ether goes up, the Gas Price in terms of ether should go down to keep the real cost of Gas the same. Gas has multiple associated terms with it: Gas Prices, Gas Cost, Gas Limit, and Gas Fees. The principle behind Gas is to have a stable value for how much a transaction or computation costs on the Ethereum network. Gas Cost is a static value for how much a computation costs in terms of Gas, and the intent is that the real value of the Gas never changes, so this cos Continue reading >>

Ethereum Foundations Nick Johnson On Gwei Transaction Fees

Ethereum Foundations Nick Johnson On Gwei Transaction Fees

Ethereum Foundations Nick Johnson On GWei Transaction Fees The Ethereum Foundation is taking steps to address a mysterious spike in gas prices. Changes include modifications to the Geth pricing oracle. ETHNews has been monitoring a suspicious spike in estimated gas prices on the Ethereum network and was able to discuss the phenomenon with one of the Ethereum Foundation's chief software engineers, Nick Johnson . The issue stems from functionality within the gas pricing oracle algorithm for Ethereum's Geth client. "The previous algorithm looked over the last few blocks' transactions, and returned the median of the gas price paid by those transactions," Johnson said. "In the past, this has worked reasonably well, since the network was often not running at 100 percent capacity. And when it was, gas prices nevertheless tended to return to something reasonable after a spike in activity such as that around ICOs or CryptoKitties ." Recently, however, something odd has been affecting the estimated gas price, which is in turn influencing the median average calculated by the pricing oracle. Although it is still possible to manually lower the gas price when transacting over Ethereum, the increasingly high estimates are particularly dangerous for users who are unaccustomed to having to check and set transaction costs themselves. "This appears to be due to someone paying very high prices for transactions, inflating the median," said Johnson. "As a result, we've been reassessing how the oracle provides recommended gas prices." Using data from blockchain explorer websites like ETH Gas Station , the Ethereum Foundation is looking to modify the pricing oracle algorithm. "Instead of taking a percentile (median is the 50th percentile) of recent transaction fees, we instead take a percenti Continue reading >>

Ico Investment Do Not Burn Ether In Gas

Ico Investment Do Not Burn Ether In Gas

ICO Investment Do not burn Ether in Gas ICO Investment Do not burn Ether in Gas An investor lost a significant amount of Ether during the failed attempt to purchase AirSwap tokens during its ICO, a decentralized cryptocurrency exchange that started their public crowdsale on Tuesday. The Investor was trying to buy $508,000 (1,700 Ether) worth of AirSwap tokens, but the trade failed and the investor lost $70,000 (236.9516 Ether) in form of Ethereum transaction fees. AirSwap is a decentralized token exchange based on the Swap protocol whitepaper. Swap provides a decentralized trading solution based on a peer-to-peer design. The design solves two problems encountered in a peer-to-peer trading environment: counter-party discovery and pricing suggestions. The token sale happened between 10 October 2017 10:10:10 AM Eastern Time and 11 October 2017 at 9:10:10 AM Eastern Time. The token sale was whitelisted and shortlisted investors were entitled to allocation of the individual cap (3.3 ETH) during the entire 23 hours of the main sale. The whitelist registration process happened between October 4, 2017 at 10:00AM Eastern Time and October 6, 2017 at 4:00PM Eastern Time. During the whitelist registration there were more than 18,000 submissions of which 12,719 were successfully whitelisted for the sale. AirSwap was running the sale through their own platform to avoid Ethereum network congestion, high gas fees, and to put their protocol and smart contracts to work. It is a web application that connects to the Ethereum network. MetaMask and Parity browser extensions were required for the AirSwap sale. The investor, only known at this point by their Ethereum blockchain address 0xf51ec864d5fb2f184198e369fe063fc77045a3ad, was trying to buy about $508,000 worth of AirSwap tokens or 1,70 Continue reading >>

Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [all You Need To Know To Get Into An Ico]

Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [all You Need To Know To Get Into An Ico]

Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [All you need to know to get into an ICO] By: Sudhir Khatwani In: Ethereum Last Updated: The other day I was preparing to participate in an ICO that required me to contribute in Ether (ETH). The ICO was on Ethereums blockchain which meant that I needed to send my Ether (ETH) to an Ethereum smart contract address. Soon after that, I figured out thatMyEtherWallet (aka MEW) is one of the best Ethereum wallets that supports smart contracts , so I started preparing my MEW for the ICO. And as I have advised you to in my DApps write-up to read and understand the ICO requirements thoroughly, I did the same and went to the official ICO website to know what was required of me. There I encountered that the ICO required a minimum recommended Gas Limit of 200000 and a Gas Price of 70Gwei which should convert into fees of 0.014 Ether (ETH) or $3.15. At that time, these terms of gas limit and gas price were alien to me. Nevertheless, I did my due diligence and successfully participated in the ICO. It was when I was doing my due diligence and researching these terms that I realized that they were all explained in a very technical way, and there was a lot of confusion around them. Moreover, its very important to understand these terms if you want to participate in an Ethereum-based ICO. Now that the ICO has concluded, I thought of introducing these terms to you in a more non-technical manner so that no one in the CoinSutra community is left behind. But before that, I think a quick recap of Ethereum, Ether, and ICOs will be helpful. Ethereum is a blockchain-based platform on which anyone with knowledge of the Solidity language can write autonomous smart contracts and also create decentralized applications (aka DApps). The official Continue reading >>

Myetherwallet.com

Myetherwallet.com

Be safe & secure: We highly recommend that you read our guide on How to Prevent Loss & Theft for some recommendations on how to be proactive about your security. Always backup your keys: MyEtherWallet.com & MyEtherWallet CX are not "web wallets". You do not create an account or give us your funds to hold onto. No data leaves your computer / your browser. We make it easy for you to create, save, and access your information and interact with the blockchain. We are not responsible for any loss: Ethereum, MyEtherWallet.com & MyEtherWallet CX, and some of the underlying Javascript libraries we use are under active development. While we have thoroughly tested & tens of thousands of wallets have been successfully created by people all over the globe, there is always the possibility something unexpected happens that causes your funds to be lost. Please do not invest more than you are willing to lose, and please be careful. Translations of MyEtherWallet: The community has done an amazing job translating MyEtherWallet into a variety of languages. However, MyEtherWallet can only verify the validity and accuracy of the information provided in English and, because of this, the English version of our website is the official text. MIT License Copyright 2015-2017 MyEtherWallet LLC Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions: The above copyright notice and this permission notice shall be included in all c Continue reading >>

Qu Es El Gas Y El Gwei En Eth

Qu Es El Gas Y El Gwei En Eth

Llevo tiempo escuchando estas 2 cosas, y realmente me interesa, pero por YT no encontre nada similar, en el que explica que es, para que vale y como usarlo. El gas es el coste que tiene una operacion en Ethereum, bien al realizar una transaccion, bien al ejecutar un smart contract, lo que depende de la complejidad del mismo, ya que cada operacin dentro del mismo tiene un coste de gas diferente. Se mide en gwei (giga wei) donde 1 gwei = 0.000000001 ETH (9 decimales). Esto se multiplica por el gas price, que es lo que definir la prioridad de la red a la hora de ejecutar nuestra transaccion. El gas price minimo recomendable depende de la congestion de la red, se puede consultar en ethgasstation.info (el valor SafeLow). El valor estandar de MyEtherWallet es de 21. El mnimo ahora ronda el 4-5, ha llegado a estar en mas de 40 por culpa de los cripto gatitos. Por ultimo esta el gas limit que es el mximo que estamos dispuestos a pagar por una transaccion o ejecutar un smart contract de ethereum. El mnimo de gas limit para una transaccin es de 21.000. Para ejecutar un smart contract se recomienda 250.000 (el valor normalmente lo calcula MyEtherWallet, depende de lo complejo del smart contract, pero si nos quedamos cortos la operacin fallar y pagaremos el valor de gas price x gas limit completo). La comisin final a pagar por la operacin ser el gas price x gas usado (que estar por debajo del gas limit). P.ej. para una transaccion normal de ethereum con gas price de 21 y coste de gas de 21.000, la comisin es: 21 gwei x 21.000 = 441.000 gwei = 0,000441 Ether, o sea unos 0.30$. Si ponemos un gas price de 10 la comisin ser de la mitad (0.15$). Yo no tengo ni idea, no me aclaro con lo del GAS, si llego a saber que para traspasar mis NAGA a un exchange tena que hacer lo del GAs no las Continue reading >>

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