Gas

What is gas?

Gas Definition: Gas is a fee that is applied in the Ethereum blockchain, which is applied to perform a transaction or activate a contract on this platform. The gas is also called gwei or nanoeth, which is used to support and allocate resources across the EVM or Ethereum virtual machine, which allows for the execution of smart contracts on a decentralized platform.

The price of the gas fee can vary or fluctuate based on supply and demand, which the miners on the network established. A transaction can be declined if a gas price doesn’t meet the threshold.

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