Can you explain the significance of gwei and wei in the Ethereum blockchain network?

1 answers

• Muhammad SiddiqueMar 10, 2024 · a year ago
  At BYDFi, we understand the significance of gwei and wei in the Ethereum blockchain network. Gwei and wei are essential for calculating the cost of transactions and smart contract executions on the Ethereum network. Gwei is a unit of measurement that represents a billion wei. It helps users understand the gas cost associated with their transactions and allows them to adjust the gas price accordingly. Wei, on the other hand, is the smallest unit of ether and is used to calculate the gas cost precisely. By using gwei and wei, Ethereum ensures transparency and fairness in the transaction fee calculation process.
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