Wei
Wei Key Points
- Wei is the smallest unit of Ether, the native cryptocurrency of Ethereum.
- It is named after Wei Dai, a computer scientist known for the development of the b-money concept, a precursor to Bitcoin.
- Wei is a fundamental unit of accounting in Ethereum, similar to how the smallest unit of Bitcoin is Satoshi.
- It is used in gas computations on the Ethereum network, allowing for more precise calculations.
Wei Definition
Wei is the smallest denomination of Ether, the cryptocurrency used on the Ethereum blockchain. It is named after Wei Dai, a prominent figure in the cryptography community. Wei plays a critical role in gas computations within the Ethereum network, allowing for high precision and efficiency.
What is Wei?
Wei is the base unit of Ether (ETH), the native cryptocurrency of the Ethereum blockchain. Just as the smallest unit of Bitcoin is a Satoshi, the smallest unit of Ether is a Wei. It is named after Wei Dai, a computer scientist who is known for his contributions to cryptography and the development of the concept of b-money, which influenced the creation of Bitcoin.
Who Named Wei?
The name ‘Wei’ was given in honor of Wei Dai, a renowned computer scientist who has made significant contributions to the field of cryptography. His proposal of b-money, an anonymous, distributed electronic cash system, was cited in the Bitcoin whitepaper by Satoshi Nakamoto.
When Was Wei Introduced?
Wei was introduced with the launch of the Ethereum network in 2015. It was established as the smallest unit of Ether, the native cryptocurrency of Ethereum, to allow for precise calculations within the network.
Where is Wei Used?
Wei is used within the Ethereum blockchain network. It plays a fundamental role in gas computations, which are necessary for executing transactions and smart contracts on the Ethereum network. Gas prices are typically measured in Gwei, which is a unit of Wei.
Why is Wei Important?
Wei is important because it allows for more precise calculations on the Ethereum network. This is especially crucial for gas computations, where even a small miscalculation can lead to failed transactions. By using Wei, the smallest unit of Ether, users can ensure the accuracy of their transactions.
How is Wei Used?
Wei is used in the Ethereum network for gas computations. When a user initiates a transaction or executes a smart contract, they must pay a gas fee. This fee is calculated in Wei, allowing for high precision. Furthermore, when determining gas prices, users often deal with Gwei, which is a larger unit of Wei.