1. Gas : Unit that measures the amount of computational effort required to execute specific operations on the Ethereum network. From August 5th, 2021 (after London update): better transaction fee estimation. Total transaction fee = Gas units (limit) * (Base fee + Tip) ---> Miner receives the tip. Base fee is burned. Wallet providers will automatically set a recommended transaction fee. EIP-1559 : Fee market change for ETH 1.0 chain --> making gas fees more predictable. (*) WHY DO GAS FEES EXIST? Prevent bad actors from spamming the network. Avoid accidental or hostile infinite loops (*) WHAT IS GAS LIMIT? --> refers to the maximum amount of gas you are willing to consume on a transaction . A standard ETH transfer requires a gas limit of 21,000 units of gas. (*) WHY CAN GAS FEES GET SO HIGH? --> G as space is limited per block (*) INITIATIVES TO REDUCE GAS COSTS Layer 2 scaling: https://ethereum.org/en/developers/docs/scaling/layer-2-rollups. Ne...
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