Gas price and gas limit are parameters used to calculate transaction fees on the Ethereum network.
Gas Limit:
It represents the maximum amount of gas a user will pay to confirm a transaction. Coinosh typically sets the gas limit based on the complexity of the transaction. An insufficient gas limit can cause a transaction to fail with an "out of gas" error.
Gas Price:
It indicates the amount of Ether (ETH) a user will spend to confirm a transaction.
Gas prices fluctuate depending on network conditions. Higher gas prices indicate a greater urgency for the transaction to include the Ethereum network.
Insufficient gas prices may result in a transaction remaining pending for an extended period.
Coinosh estimates and sets the gas limit and gas price for each Ethereum transaction. The recommended fee is calculated and optimised based on market conditions so users don’t have to pay more than they need to.