Explain the Difference between “Gas” and “Gas Limit” in a Transaction.
"Gas" refers to the computational effort required to execute an operation on the blockchain, and its cost is measured in the blockchain's native currency. "Gas limit" is the maximum amount of gas a user is willing to spend on a transaction.
Setting a gas limit prevents users from spending excessive funds on a faulty or complex transaction. If the operation costs less than the limit, the user is refunded the difference.
Glossar
Gas Price
Mechanism ⎊ Gas price, within cryptocurrency networks, represents the computational effort required to execute a specific operation on the blockchain, directly influencing transaction costs and network congestion.
Gas
Transaction ⎊ The term "Gas" within cryptocurrency contexts fundamentally represents a unit of computational effort required to execute a transaction or smart contract on a blockchain, most notably Ethereum.