[Analysis] Understanding Ethereum gas, blocks and the fee market

The Ethereum Virtual Machine (EVM) is a computer system that consumes CPU cycles, disk access and memory which are measured in units known as gas. All operations on the EVM consume gas at varying amounts depending on complexity and every transaction has a gas limit to prevent attackers from overloading blocks. In order to cover the costs of gas, users must specify a price at which they are wiling to pay miners to execute these operations. This gas price multiplied by gas amount then becomes the transaction cost.