Ethereum is a decentralized open source blockchain platform and its cryptocurrency asset called Ether (ETH) is the second most popular cryptocurrency, after Bitcoin. But unlike Bitcoin and most other virtual currencies Ethereum is meant to be much more than just a currency or a store of value. Instead, Ethereum calls itself a decentralized data network based on blockchain technology.
Like other cryptocurrencies, Ethereum operates on a blockchain network. A blockchain is a decentralized, distributed public records where all transactions are recorded and verified and everyone participating in the Ethereum network has an identical copy of these records, so they can see all previous transactions.
Participants are rewarded with cryptocurrency tokens (called Ether – ETH in the Ethereum system) for “mining” or solving complex mathematical equations that confirm each transaction in the network and for adding new blocks to the blockchain.
ETH can be used to buy and sell goods and services, but most importantly, it can be used to buy NFTs.
But the unique thing about Ethereum is that users can build applications that “run” on blockchain because software “runs” on a computer.
Gas is the unit that measures the amount of computational effort required to execute a specific operation or contract on the Ethereum platform. Every operation that is performed on the Ethereum platform requires a certain amount of gas to be executed, and the cost of each operation is measured in units of gas.
Each gas unit has a price, simply called the “gas price or gas fee”. Gas prices are given in gwei, where 1 ETH = 1 * 10 ^ 9 (1,000,000,000) gwei. If gwei price is 5, then a 21,000 gas transaction would cost 105,000 gwei (21,000 * 5) = 0,000105 ETH.
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