![]() Gwei, a blend of the words wei and giga, a unit prefix for billion, is another denomination of ether, the digital currency used on the Ethereum blockchain network. The overall gas cost is calculated based on both the volume and complexity of the request multiplied by the current gas price. Gas is a core part of all network requests and the sender of requests is required to pay for consumed computing resources. Its utility value as a cryptofuel is commonly referred to as “gas”. ![]() Since all services and applications built on top of the Ethereum network require computational power, which is not freely available, some form of payment for the computational power is required.Īlthough ether is the currency of the network, it is often metaphorically referred to as the “fuel” of the Ethereum network. For his innovation of bmoney, discussed in a self-published proto-crypto manifesto which laid the foundation for smart contracts, the atomic unit of ether is named after him. Wei Dai was part of a cypherpunk movement in the 1990s whose members developed the theoretical underpinnings for cryptocurrencies in the 2010s. Wei is named after Wei Dai, a computer science graduate of the University of Washington who formerly worked in the cryptography research department at Microsoft. Wei is the smallest denomination of ether, the currency used to facilitate transactional operations on the Ethereum blockchain network, where 10^18 or 1,000,000,000,000,000,000 wei is equivalent to one ether.
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