Ethereum For Investors #8 – What Is Ethereum (ETH) Gas?

In the future, you’re gonna need Ethers. Okay, do you know how a smart contract works? Were able to do a little research? You know what you do in a smart contract, right? Smart contracts need something called ‘gas’, right?

So when you run a smart contract, there are certain numbers of computational tasks that it does, right? So like, for example, if you want a loop to count from 1 to 100, that’s gonna cost CPU cycles somewhere, right? The miners have to run this contract and they need to get paid to do that, right?

And you don’t actually directly pay for Ethers because the price of Ethers fluctuates, it’s wobbly, right? Like the price, it was just two bucks one month ago and now it’s 12 bucks, right?

If they use Ethers directly then it could cost you 10 times more doing the same contract so what they do is the Ethers convert to something called ‘gas’, right? Like gas in your car, when a contract executes, it burns up ‘gas’. Alright, it burns ‘gas’.

And when you run out of ‘gas’ your contract stops executing, right? So you pay the Ethers to a miner, what you get in return is ‘gas’, right? That’s the ‘gas’ that runs your contract, and the miners keep the Ethers as payment because they’re the ones giving you the gas to run your contract, right? So that’s really the model that’s happening.

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