Transactions, gas and fees: key words
Read the word, say the meaning out loud, then open the card.
Transaction
A signed instruction from an account, such as sending ETH to an address. Source
Gas
The unit that measures how much computing work an action on Ethereum needs. Source
Gwei
A tiny unit of ETH. 1 ETH is 1,000,000,000 gwei. Source
Wei
The smallest unit of ETH. 1 gwei is 1,000,000,000 wei. Source
Gas limit
The most gas a transaction is allowed to use. Source
Base fee
The lowest price per unit of gas a block accepts. The network sets it, and it is burned. Source
Priority fee (tip)
An extra price per unit of gas, paid to the validator who includes your transaction. Source
Max fee
The most you will pay per unit of gas, base fee and tip included. Source
Nonce
A counter that numbers each transaction from an address, starting at 0. Source
Burn
Destroying ETH so that nobody receives it. The base fee is burned. Source
Revert
When a contract stops and undoes its changes. The gas used so far is still paid. Source
Layer 2
A network built on top of Ethereum that offers lower fees. Source