Gas limit is the maximum amount of gas you are willing to spend on a transaction. The purpose of gas limit is to protect you from running out of gas while the smart contracts are being executed in the EVM. An operation doesn’t necessarily require the maximum gas limit. Once an operation is processed using the required amount of gas, the unspent, extra gas fee is refunded to the user. But if you provide insufficient gas, the operation will fail and the gas fee will still be kept by the miners. The minimum gas limit for a transaction is usually 21000 gas. You can specify a larger gas limit, as miners optimise their revenues by picking the transactions with the highest gas fee. If you provide too low fee no one will process your transaction.
Articles in this section
- What is Ethereum?
- What is Ether (ETH)?
- What are the purposes of Ether?
- Who created Ethereum?
- Ethereum story in a nutshell
- What is the difference between Ethereum and Bitcoin?
- What is a smart contract?
- What are decentralised applications (dApps)?
- What are the benefits of Decentralised Applications?
- What is a DAO?