This article contains the work of the website ethgasstation.info /, how to use it, the definition of gas, and what is recent with ethereum.
Ethereum gas station is a website that provides a valuable prediction on ‘gas price’ and the ‘gas used’. A program that predicts gas price exists on the top menu of ethgasstation.com, this program displays output if you select the number of gas used and gas price.
The gas price consists of the fastest, average, and safe low gas price, It’s relevant to understand the types of gas price.
- Fastest gas price: This type of gas price exists in all the top pools and top miners.
- Average gas price: It has a close relationship with the fastest gas price but top miners must have at minimum 50% of the blocks mined.
- Safe low: As the name implies it is safe to use low gas prices. It takes almost 5 minutes for a transaction to be confirmed.
How to use the program?
The program is simple. It is a calculator with text fields or text boxes where a single line of numbers can be inputted. Users will select anywhere between the types of gas price above or others.
What is a gas?
It is a unit of measurement for the amount of “instructions that can be carried out in a given time” which is needed to execute a certain operation on the ethereum blockchain. It is used to calculate the number of fees owed to the network to operate.
What is gas price?
Gas Price is the price you are willing to pay for the gas used in a transaction. It is measured in ‘WEI’ Wei is the smallest unit of ethereum. Just like Satoshi is to bitcoin Wei is to ethereum.
What is a gas price with the increase in ethereum high fees?
In my view, safe low type of gas prices take 5 minutes or more to complete a transaction but the “fastest gas price” requires a user to pay high gas fees to complete their transactions immediately. It is now a default that ethereum wants to keep their gas price at “average” to keep transactions fast and create fortunes for miners. But users suffer for it.
In summary, this program simplifies the problem of predicting gas prices yourself. They are other relevant outputs when you choose some other stuff on their site menu. The site is safe, just visit and explore.
