1 GWEI = <\/strong>ETH<\/p>\n\n\n\n1 Transaction cost = 21000 gas cost<\/p>\n\n\n\n
Now let\u2019s suppose we want to transfer one Ethereum based transaction, now as we know that a digital wallet is required for the transfer of a transaction that has a different mode of transaction based on slow, medium and faster rate of transaction.<\/p>\n\n\n\n
The wallet also sets a gas limit, let say it has the limit of 100 gwei gas price<\/p>\n\n\n\n
Then the simple formula comes out to be:<\/p>\n\n\n\n
Transaction send = Gas cost x Gas price in ETH<\/p>\n\n\n\n
= 21000x 100 gwei<\/p>\n\n\n\n
= 21000x 100x (since 1 gwei =)<\/p>\n\n\n\n
<\/strong> <\/strong>= 0.0021 ETH<\/strong><\/p>\n\n\n\nNow if 1 transaction needs 0.0021 ETH, then let\u2019s suppose we have 1200 ETH credited in our Ethereum account then, it will become out as = 1200 x0.0021 = 2.52 ETH<\/p>\n\n\n\n
The Bottom Line<\/h3>\n\n\n\n
Without having a gas, every transaction is assigned with a gas limit, there is a chance of doing miscalculation or executing the malicious code by mistake, therefore applying the gas cost will help to put an end to the execution of a program within a limited time frame.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum gas is used to execute the elements from the Ethereum network which are required to run decentralized applications. It also enables the smart contract to be autonomous and self-executing, while eliminating the requirement of any third parties for the execution. In other words, it is a transactional unit that computes the requirement of different […]<\/p>\n","protected":false},"author":1,"featured_media":3407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[853],"tags":[],"yst_prominent_words":[185],"_links":{"self":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/3406"}],"collection":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/comments?post=3406"}],"version-history":[{"count":0,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/posts\/3406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media\/3407"}],"wp:attachment":[{"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/media?parent=3406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/categories?post=3406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/tags?post=3406"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/michaelleander.me\/wp-json\/wp\/v2\/yst_prominent_words?post=3406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}