Wei Definition
Wei is the smallest denomination of ether, the cryptocurrency used on the Ethereum blockchain. It is named after Wei Dai, a computer scientist who is known for his contributions to cryptography and the development of the b-money cryptocurrency. One ether is equivalent to 1,000,000,000,000,000,000 (one quintillion) wei.
Wei Key Points
- Wei is the smallest unit of ether, the cryptocurrency used on the Ethereum network.
- The name ‘Wei’ is a tribute to Wei Dai, a significant contributor to the field of cryptography.
- Wei is used in transactions on the Ethereum network, especially when dealing with smart contracts.
- One ether is equivalent to one quintillion (1,000,000,000,000,000,000) wei.
What is Wei?
Wei is the smallest possible unit of ether, the cryptocurrency that powers the Ethereum blockchain. Just as the smallest unit of Bitcoin is the satoshi, the smallest unit of ether is the wei. This denomination is essential for transactions on the Ethereum network, especially when dealing with smart contracts and gas prices.
Who is Wei named after?
Wei is named after Wei Dai, a computer scientist and cryptographer. Dai is known for his development of the b-money cryptocurrency and his contributions to the cypherpunk movement, which laid the groundwork for the development of Bitcoin and other cryptocurrencies.
Where is Wei used?
Wei is used on the Ethereum network, a blockchain platform that supports smart contracts. When users interact with smart contracts on the Ethereum network, they pay gas fees. These fees are often calculated in wei to allow for precise amounts.
When is Wei used?
Wei is used whenever transactions are made on the Ethereum network. This includes sending ether from one account to another, executing smart contracts, and paying for gas, the computational effort required to execute operations on the Ethereum network.
Why is Wei important?
Wei is important because it allows for precise transactions on the Ethereum network. Because wei is such a small unit, it can be used to accurately calculate gas fees for smart contracts and other transactions. This precision is crucial for the efficient operation of the Ethereum network.
How is Wei used?
Wei is used in transactions on the Ethereum network. When a user wants to send ether or interact with a smart contract, they specify the amount they are sending or the gas price they are willing to pay in wei. The Ethereum network then processes the transaction, deducting the specified amount of wei from the user’s account.
