The term Gwei refers to a small denomination of ether (ETH), which is the native currency of the Ethereum blockchain. Wei is the smallest denomination of Ether, and gwei means Giga-wei.
Along with ETH, Gwei is the most commonly used denomination of Ethereum’s crypto, and it is particularly useful when talking about gas or computational unit of work for a transaction.
Gwei is a straightforward way to calculate gas fees (amounts paid to miners for transaction processing). Its nickname is “shannon,” after Claude Shannon, the scientist and cryptographer known as “the founder of information theory.” Specifically, a unit of Gwei is defined as one-billionth (one Nano) of Ether. So 1 Gwei equals 0.000000001 or 10-9 ETH. Conversely, 1 ETH equals one billion (109) Gwei.
