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Gas price - How does it works?

Just have seen the question about gas. How does the "gas" price is created?

  • blockchain
  • cryptocurrency
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Ulyana.
Sep 15 2022, 18:24

This might depend on the blockchain used.

For example in Ethereum exact price of the gas is determined by supply and demand between the network's miners, who can decline to process a transaction if the gas price does not meet their threshold, and users of the network who seek processing power. However, ETH has gas fees are really high.

Polygon's MATIC gas fees are far cheaper than Ethereum.

Along with this, Polygon’s finality time enables the completion of a transaction in 2.3 seconds. On Ethereum, only six transactions can be completed in one minute.

https://support.polygonscan.com/support/solutions/articles/69000793833-what-is-gas-fee-%E2%9B%BD#:~:text=In%20conclusion%2C%20Gas%20Fee%20%3D%20Gas%20Price%20x%20Gas%20Limit.

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Chuba.
Sep 16 2022, 13:46

Yes, mam + moment of TPS

0x300b...1ff8.
Sep 24 2022, 14:49

finality time enables the completion

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Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.

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