Crypto Terms:
Letter G
What is Gwei?
Meaning:
Gwei -
a smaller unit of Ether (ETH) cryptocurrency that is used as a denomination to calculate gas fees.
Let's find out Gwei meaning, definition in crypto, what is Gwei, and all other detailed facts.
Gwei is a smaller unit of Ether (ETH) cryptocurrency in the Ethereum network that is often used as a denomination to calculate gas prices that are paid to miners for transaction processing. A gwei (also known as gigawei) is equal to 1,000,000,000 wei, which is the smallest unit of Ether. 1 gwei equals 0.000000001 Ether which means that 1 Ether equals 1 billion gwei.
Gwei is also named "shannon" after Claude Shannon, a cryptographer, and mathematician who is known as the father of information theory. Besides gwei, there are other units of Ether that are named after important people who contributed to the Ethereum project.
Here are some of these units:
- wei (named after Wei Dai, the “godfather” of the crypto movement).
- kwei which is equal to 10’3 wei (also named "babbage” after Charles Babbage).
- mwei which is equal to 10’6 wei (also named “lovelace” after Ada Lovelace).
- twei which is equal to 10’12 wei (also named “szabo” after Nick Szabo).
- pwei which is equal to 10’15 wei (also named “finney” after Hal Finney).
brute force attack<\/strong><\/a> is a method of trying to crack a password or any encrypted information via automated guessing. Hackers employ <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-bots/">bots/strong>/strong>/a> that attempt to guess as many combinations of passwords as possible.<\/p>\n<p>The simpler the password is, the shorter the brute force attack lasts. Short passwords that contain only letters are considered weak, and it is recommended to add more characters to reinforce their security. Long passwords containing both <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-does-alphanumeric-mean/">alphanumerics/strong>/a> and special symbols are much more robust and sometimes may take millions of years to crack.<\/p>\n<h3>Cryptomining malware<\/h3>\n<p>Cryptomining malware is a relatively new method of hacking. If a user’s computer is infected with this type of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-malware/">malware/strong>/a>, it unwillingly becomes part of a crypto mining network. This can disrupt processes, cause internet speeds to slow down, and may lead to the hardware deteriorating faster.<\/p>\n<p>Cryptomining malware can be caught by downloading infected files or visiting suspicious websites. The process is also known as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptojacking/">cryptojacking/strong>/strong>/a>./p>/nDistributed Denial of Service (DDoS)<\/h3>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-distributed-denial-of-service-ddos-attack/">Distributed denial of service (DDoS)<\/strong><\/a> attacks are used to prevent users from accessing certain websites. Unlike some of the other methods listed here, DDoS attacks have to be coordinated and performed <strong>by a large number of participants<\/strong>.<\/p>\n<p>DDoS attacks are often done on a political basis. They may be used to cover information or prevent users from accessing websites of high importance. DDoS attacks are often coordinated against cryptocurrency platforms to destabilize them.<\/p>\n<h3>Keylogging<\/h3>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-keylogger/">Keylogging/strong>/a> is a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-spyware/">spyware/strong>/a> method. If a user’s computer is infected with keylogging software, the hacker is able to see every character that the <strong>user types on their keyboard<\/strong>. This can reveal passwords, private messages, and other sensitive information.<\/p>\n<p>Keylogging can also affect mobile devices. Some apps that provide additional emojis or keyboard themes for the device have been proven to be keylogging spyware. Third-party text editing apps sometimes may also log the keyboard presses for unclear intents.<\/p>\n<h3>Phishing<\/h3>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-phishing/">Phishing/strong>/a> involves a hacker setting up a fraudulent malware-infected website that appears legitimate. A user is tricked into clicking the link as logging into the website, which leads to the computer getting infected. The hacker can then access the files on the victim’s computer, including login details and any other sensitive information.<\/p>\n<p>Phishing attacks are commonly used in the crypto world. In January 2022, the online platform Crypto.com admitted that <a href=https://www.bitdegree.org/"https:////www.vice.com//en//article//g5qj9j//cryptocom-says-incident-was-actually-dollar30-million-hack/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>$30 million worth of cryptocurrency was lost in a phishing attack<\/strong><\/a>.<\/p>\n<h3>Ransomware<\/h3>\n<p>As the name implies, <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ransomware/">ransomware/strong>/a> involves <strong>extortion<\/strong> and is used for financial gains. The files on an infected computer are <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-encryption/">encrypted/strong>/a>. Hackers demand victims to pay a ransom for the files to be <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decryption/">decrypted/strong>/a> and accessible.<\/p>\n<p>Ransomware can be caught by downloading suspicious files or software. However, this method of hacking is on the decline as many hackers have moved onto using cryptomining malware.<\/p>\n<h2>Black Hat vs White Hat Hacking<\/h2>\n<p>Hacking is most commonly done with malicious intent, such as terrorism, money laundering, or means to illegally sell data. However, in some cases, hacking may be done for a good cause. This disparity has led to the concept of black hat and white hat hackers.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-black-hat-hacker/">Black hat hackers<\/strong><\/a> attack systems maliciously. Their goal is to disrupt the network for personal, usually financial gain. They are known as highly skilled computer experts that can cause severe damage to computer systems.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-white-hat-computer-hacker/">White hat hackers<\/strong><\/strong><\/a> are also known for their excellent skillset. However, they perform hacks with good intentions. They are often hired by companies to find if there are any exploits in their systems. They work on discovering bugs or any entrance points that black hat hackers may find and patch them before the systems are breached.<\/p>\n<h2>Hacking in the Crypto Industry<\/h2>\n<p>Hacking is an ever-growing issue in the crypto industry. Hackers target blockchain-based systems due to the possibilities of exploitation. Some <strong>cryptocurrencies<\/strong>, like <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a> or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum (ETH)<\/strong><\/a>, are valued at thousands of dollars for a single coin, making them a lucrative catch for malicious actors.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hot-wallet/">Hot wallets<\/strong><\/a> are a particularly common target. Since hot wallets require an internet connection to access the crypto assets, hackers may employ methods such as keylogging or phishing to gain access to users’ wallet addresses and claim the funds for themselves.<\/p>","definition":"a malicious process of manipulating another computing device to exploit it.","status":"published","meta_title":"What is Hacking? Definition & Meaning | Crypto Wiki","meta_description":"Hacking meaning: Hacking - a malicious process of manipulating another computing device to exploit it.","meta_keywords":null}"
:prev-section="{"id":457,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Mining","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-08T04:24:45.000000Z","slug":"what-is-group-mining","title":"What is Group Mining?","section":"G","keyword":"Group Mining","content":"<p><strong>Group Mining<\/strong> is a term used to describe an event that involves <strong>multiple people participating in the mining process together<\/strong>. In order to make the process more efficient, they combine their computing resources. Group mining offers a variety of benefits. They include larger profits, reduced security risks, and shared rewards. <\/p>\n<p>When it comes to the latter, group minings make sure that every miner receives rewards for successfully mining a block. The main factor that determines what kind of reward a miner receives is their contributed processing power that’s denoted in hash rate compared to other miners. <\/p>\n<p>Each cryptocurrency has a different <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-pool/">mining pool<\/strong><\/a> and reward categories which are divided by frequency and nature. It depends if they only distribute <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block-reward/">block rewards<\/strong><\/a> while keeping the transaction fees, or if they allow mining two or more cryptocurrencies that have similar hash types for more profit.<\/p>\n<p>Additionally, a percentage of the mined cryptocurrency is taken by the pool managers which results in different payout rates.<\/p>","definition":"happens when more than one person mines together.","status":"published","meta_title":"What is Group Mining? Definition & Meaning | Crypto Wiki","meta_description":"Group Mining meaning: Group Mining - happens when more than one person mines together.","meta_keywords":null}"
:model="{"id":379,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Gwei","level":"easy","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-08T04:31:14.000000Z","slug":"what-is-gwei","title":"What is Gwei?","section":"G","keyword":"Gwei","content":"<p>Gwei is a smaller unit of <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-ether/">Ether (ETH)<\/strong><\/a> cryptocurrency in <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">the Ethereum network<\/strong><\/a> that is often used as a denomination to calculate <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-gas-price/">gas prices<\/strong><\/a> that are paid to miners for transaction processing. <strong>A gwei<\/strong> (also known as gigawei) is equal to 1,000,000,000 <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wei/">wei/strong>/a>, which is the smallest unit of Ether. 1 gwei equals 0.000000001 Ether which means that <strong>1 Ether<\/strong> equals 1 billion gwei.<\/p>\n<p>Gwei is also named \"shannon\" after Claude Shannon, a cryptographer, and mathematician who is known as <strong>the father of information theory<\/strong>. Besides gwei, there are other units of Ether that are named after important people who contributed to the Ethereum project.<\/p>\n<p>Here are some of these units:<\/p>\n<ul>\n<li><strong>wei <\/strong><em>(named after Wei Dai, the “godfather” of the crypto movement)<\/em>.<\/li>\n<li>kwei which is equal to 10’3 wei <em>(also named \"babbage” after Charles Babbage)<\/em>. <\/li>\n<li>mwei which is equal to 10’6 wei <em>(also named “lovelace” after Ada Lovelace)<\/em>. <\/li>\n<li><strong>twei<\/strong> which is equal to 10’12 wei <em>(also named “szabo” after Nick Szabo)<\/em>. <\/li>\n<li>pwei which is equal to 10’15 wei <em>(also named “finney” after Hal Finney)<\/em>.<\/li>\n<\/ul>","definition":"a smaller unit of Ether (ETH) cryptocurrency that is used as a denomination to calculate gas fees.","status":"published","meta_title":"What is Gwei? Definition & Meaning | Crypto Wiki","meta_description":"Gwei meaning: Gwei - a smaller unit of Ether (ETH) cryptocurrency that is used as a denomination to calculate gas fees.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}"
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Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo 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current-chapter="G"
current-section="what-is-gwei">