The denomination used in defining the cost of gas in transactions involving Ether.
What Is a Gwei?
Gwei is a useful denomination to calculate gas fees (paid to miners for transaction processing) in a convenient way. It also has the nickname “shannon,” for Claude Shannon, a mathematician and cryptographer referred to as “the father of information theory.”
Ether (ETH) also has other base units, each nicknamed after an important personality whose work has helped the project in any way or form.
What Happens if You Set Gwei Too Low?
How Much Gwei Do I Need for Gas Fees?
The amount of gwei required for gas fees depends on the complexity of the transaction and the current market conditions. Generally, the higher the gas price, the more gwei you will need to pay. You can check the current market price of gwei by using an Ethereum network explorer, such as Etherscan.