What is Gas fee

By Long ·  

What is Gas fee?

For example,Gas fee for Ethernet.

Gas in Ethereum refers to the additional fee required to execute a smart contract or transaction on the blockchain network.

Why does this exist? Well, there's a couple major limitations when it comes to running smart contracts:

Every deployed transaction, smart contract, or execution of a smart contract, must be run on every single full node on the Ethereum blockchain to guarantee validity. This is wildly inefficient (though newer blockchains are streamlining this)!

Because smart contracts are Turing complete, they can potentially execute forever, locking up every single node on the blockchain.

Gas fee is an important part of web3