Gas

Gas refers to the fee paid over the Ethereum network for using the platform’s computational power. Gas is required for launching decentralized apps (Dapps) and facilitating ETH transactions between traders. The gas fee is paid using ETH only, the native currency of the network.

The gas is evaluated in the form of gwei. Each gwei is equivalent to 0.000000001 ETH. The consumption of gas completely depends upon the number of resources taken to carry out the transaction over the Ethereum Virtual Machine (EVM) and the congestion level on the blockchain.

The processing cost for the transaction was also introduced to bring forth the difference between a digital currency, and the computational cost. Furthermore, adding transactional costs also mitigates the risks for spamming incidents.