How does gwei differ from wei in the context of digital currencies?

1 answers

• Dec 27, 2021 · 3 years ago
  When it comes to digital currencies, gwei and wei are two units of measurement in the Ethereum blockchain. Gwei is a larger unit compared to wei. It is primarily used to measure the cost of gas, which is the fee required for executing transactions and smart contracts on the Ethereum network. Wei, on the other hand, is the smallest unit of ether, the native cryptocurrency of Ethereum. It is used to measure the balance of an Ethereum account and the cost of transactions in terms of ether. So, in essence, gwei is for gas fees, while wei is for ether balances and transaction costs.
  584292