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Answered Additional Questions on Ethereum FAQ #362
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Bschuster3434
changed the title
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Added a new question on how transactions are paid for on the Ethereum Network. |
pirapira
suggested changes
Jan 5, 2018
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| Transaction costs are paid for through the concept of 'Gas'. Gas is an abstract price structure applied to running individual operations on the Ethereum Network. | ||
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| When you submit a transaction on a network, whether are transfering ETH to another account or invoking a contract, you need to provide an "Gas Limit" (the max amount of Gas you are willing to pay) and an additional amount of Ethereum to pay for the gas. |
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Maybe, "additional amount of Ether to pay for a unit of gas"?
| @@ -106,7 +114,9 @@ Ethereum is planning on implementing a proof-of-stake consensus protocol change | |||
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| Where do the contracts reside? | |||
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| Contracts reside on the blockchain as executable code. These contracts are able to be called and executed by transactions on the network, as contracts get distributed to all full nodes. | |||
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Answer a question on where smart contracts actually reside.