Member SinceJul 08, 2021
WilburnMar 15, 2023 a 02:56
Gas acts as a way to limit the amount of computational resources that can be used for each transaction or smart contract, which helps prevent spam and denial-of-service attacks. It also ensures that the network remains efficient and can handle a large number of transactions.
The gas price is determined by the supply and demand on the network, with higher gas prices resulting in faster processing times. Miners, who validate transactions and add them to the blockchain, receive the gas fees as compensation for their work.
Overall, gas plays a critical role in the functioning of the Ethereum network, as it allows for secure and efficient execution of smart contracts and transactions while preventing abuse of the system.