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 used to pay transaction fees and can also be sent as a tip to miners. When sending ETH to another address, you can specify the amount of wei you would like to send.
The default amount is 0 wei.
While ether is divisible down to the 18th decimal place (0.000000000000000001 ETH), wei is indivisible and has 18 zeroes after the decimal point.
This makes wei the smallest unit of ether.
The value of one eth (1 ETH) is 1000000000000000000 wei, or 1 with 17 zeroes after it. To get an idea of how much wei that is, each bitcoin (1 BTC) is 100000000 satoshi, and each litecoin (1 LTC) is 100000000 litoshi.
NOTE: WARNING: Wei Ethereum is a cryptocurrency and is not regulated by a government. It carries a high risk of losing money, as its value can quickly drop or rise unpredictably. Investing in Wei Ethereum should only be done with caution and after thorough research. Be sure to understand the risks associated with this type of investment before you invest any of your money.
So 1 ETH is approximately 1000 times more valuable than 1 BTC or 1 LTC.
When sending tips or transaction fees, it’s best to use a fraction of an ETH rather than all Wei so that you don’t lose any value due to rounding errors. For example, if you wanted to send a tip of 0.
001 ETH, you would specify 1000000000000 wei rather than 1000000000000000000 (1 ETH).
What Is Wei Ethereum? – Conclusion
Wei is the smallest unit of ether and is used on the Ethereum network. 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 used to pay transaction fees and can also be sent as a tip to miners when sending ETH to another address. The value of one eth (1 ETH) is 1000000000000000000 wei, or 1 with 17 zeroes after it which makes 1 ETH approximately 1000 times more valuable than 1 BTC or 1 LTC.
8 Related Question Answers Found
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.
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