What is Gas (Ethereum)?

The fees associated with transacting and executing smart contracts or decentralized applications (dApps) on the Ethereum blockchain are referred to as gas. Ethereum blockchain processes happen through transactions that require gas. These gas costs are figured by measuring the computational power required for each action and how long each action takes. Gas costs are denoted in gwei, a denomination of ether (ETH), equal to 0.000000001 ETH. Gas was built into the system to reward validators who maintain network consensus. By adding a cost to each transaction, gas also acts as a spam mitigation tool that deters nefarious network activity.