What is Ethereum?
Ethereum is the blockchain, or decentralized platform, that runs smart contracts. It serves as “an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.”
What is Binance Smart Chain ?
Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance's native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC
What are miners?
In Proof of Work, miners solve complex puzzles to process transactions with advanced computing devices. Miners/Verifiers/Validators in Ethereum are rewarded with Ether, the cryptocurrency of Ethereum, for processing transactions.
What is gas?
Gas is the unit of measure for how much computational work is required to process transactions and smart contracts in the Ethereum Virtual Machine. More complex smart contracts, and code, will require more gas to execute. (Just like how bigger and/or faster cars will require more gas to power them).
Gas Limit:
Gas limit is the maximum amount of gas you are willing to spend. when you are sending ETH/transactions, you will be required to specify gas limit and gas price:
Gas Price:
It specifies the amount of Ether you are willing to pay for each unit of gas.