Cryptocurrency Q&A
Why is gas limit 21000?
Why is gas limit 21000?
BonsaiBeauty
Mon Aug 26 2024
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5 answers
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Could you please elaborate on why the gas limit for transactions on the Ethereum blockchain is set at 21000? Is there a specific reason behind this number, or is it an arbitrary choice? Understanding the rationale behind this limit would help me better grasp the intricacies of the Ethereum network and its transaction fees. Additionally, how does this gas limit impact the scalability and efficiency of the network?
5 answers
lucas_jackson_pilot
Wed Aug 28 2024
Cryptocurrency transactions are facilitated by a unit system, where each transaction requires a specific amount of resources to be processed. For Ethereum, a popular blockchain platform, the basic unit used to execute transactions is called "gas."
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CryptoBaroness
Tue Aug 27 2024
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the diverse needs of crypto traders. These services include spot trading, where users can buy and sell cryptocurrencies at the current market price, and futures trading, which allows traders to speculate on the future price of cryptocurrencies.
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Daniele
Tue Aug 27 2024
The minimum gas limit required for a standard Ethereum transaction is 21,000 units. This threshold ensures that miners have enough resources to pick up and process the transaction effectively.
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Bianca
Tue Aug 27 2024
If a transaction's gas limit falls below 21,000 units, it will not be considered valid by the network and miners will ignore it. This is because the transaction does not provide enough resources to complete the necessary computations and updates on the blockchain.
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FireFlyer
Tue Aug 27 2024
As transactions become more complex, the required gas limit increases. For instance, smart contracts, which can execute a series of pre-defined actions on the blockchain, often require significantly more gas than simple transactions.
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