Another day, another Ethereum Yellow Paper blog post! In this post, we will learn more about gas and payments in Ethereum. We will also brush over the economics behind Ethereum and why fees are so important in the Ethereum ecosystem.
After reading this post, we will understand why transaction costs are called gas and what the difference is between gasPrice and gasLimit. We will also understand what miner nodes are and what strategies they use to select transactions. This post refers to section five of the Ethereum Yellow Paper.