Wei is a unit of measure for Ether, the native currency of the Ethereum network. Wei is the smallest unit of Ether, and is named after Wei Dai, the creator of b-money, an early predecessor to Bitcoin.
One Ether is worth 1,000,000,000,000,000,000 Wei.
Wei is used to measure very small amounts of Ether. For example, Gwei is a unit of measure that equals 0.000000001 ETH.
So 1 Gwei is worth 0.000000001 ETH, or 1/1,000,000,000 ETH.
NOTE: WARNING: Ethereum Wei is a unit of measurement used to measure the smallest fraction of Ether (ETH). It is important to note that Ethereum Wei is an extremely small unit, and it is not recommended for beginners to trade with Ethereum Wei. If you are unfamiliar with trading Ethereum Wei, it is recommended that you seek professional advice before doing so.
The Wei unit was introduced to make it easier to measure very small amounts of Ether. Before Wei was introduced, people would have to specify very large numbers when talking about tiny amounts of Ether.
For example, instead of saying “I sent 0.00000001 ETH”, someone would say “I sent 1 wei”.
Wei is also used in gas prices. Gas is a unit that measures the amount of work needed to perform a transaction on the Ethereum network.
Gas prices are usually denominated in Gwei. So if a gas price is 20 Gwei, that means it will cost 20 Gwei to perform a transaction on the Ethereum network.
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Wei is the smallest unit of ether, and is the one used on the Ethereum network. Each ETH address has a balance in wei. The wei unit was named after Wei Dai, the creator of b-money, one of the earliest proposals for a decentralized digital currency.
Wei is the smallest unit of ether, and is the one used on the Ethereum network. One ether is 1,000,000,000,000,000 wei. The name “wei” comes from the Chinese word for “micro”, since it’s the smallest possible unit.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In 2014, a crowdfunded project led by Vitalik Buterin created Ethereum to pursue his vision of a more generalizable blockchain that can be used for a wider range of applications than just digital currency. Ethereum raised over 18 million dollars in crowdfunding in 2014 from enthusiasts all over the world.
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A DAO is a decentralized autonomous organization. It is an organization that is run by code, not by people. A DAO’s code is written on the Ethereum blockchain.
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