Description: Gwei is a unit of measurement used on the Ethereum network to express the cost of gas, which is the fee users must pay to perform transactions or execute smart contracts on the blockchain. Gwei is a denomination of Ether (ETH), where 1 Gwei equals 0.000000001 ETH, meaning it is a very small fraction of this cryptocurrency. This unit is primarily used because transaction fees on Ethereum can vary significantly, and expressing these fees in Gwei allows for greater clarity and precision. Gas is essential for the functioning of the network, as it ensures that miners are compensated for the work they do in processing and validating transactions. As the demand for transactions on Ethereum has grown, so have gas fees, leading to the widespread adoption of Gwei as a standard way to measure and communicate these costs. In summary, Gwei is a fundamental unit in the Ethereum ecosystem, facilitating the understanding and management of transaction fees on blockchain networks.
