What does Gas mean on the Ethereum Network?
Gas (Gwei) is the fee paid by the user to the validator in order to execute a transaction on the Ethereum blockchain network.
Gas: An analogy
Imagine that a transaction you are trying to submit is a vehicle; in order to have it move, you need to supply it with the necessary fuel. Some vehicles, such as cars, require much less fuel than other more complex vehicles, such as planes. In order to drive these vehicles, you need to pay the driver (the validator) the gas fee, after which they will drive you where you want to go. Depending on network traffic when many users are trying to be driven somewhere, you may need to offer a more competitive gas fee in order to be accepted by a driver.
How does Gas interact with Infinex?
Infinex currently does not charge users gas fees for utilising the Infinex platform.
How is Gas calculated now?
Since the London Upgrade in the August of 2021, Ethereum now calculates gas fees through utilising the combination of the units of gas required multiplied by a base fee and a priority fee. The base fee is set by the network, while the priority fee is set by the user as an incentive for the validator to choose their transaction. The base fee is always burned, meaning that it is deleted from the Ethereum blockchain.
Where does the Gas go?
Since the London upgrade in the August of 2021, the base fee is now burned, meaning that it is taken out of the total ETH in circulation. The priority fee is paid out to the validator. Before priority fees were added, the base fee was paid to the miner.
Where can I learn more about Gas functions?
By reading through official Ethereum docs linked here, you will be able to gain a deeper understanding of Gas and how it functions. While prospective builders might find this information important, this knowledge is not necessary for most users.
Disclaimer: There's a lot of math.